7.6m say ‘home is my pension’

According to the Lincoln Financial Group, 51 per cent of home owners claim that their house was their major pension asset.

Ian Noble, head of strategic partnerships at Lincoln Financial, said: “We all know the phrase ‘safe as houses’ but it appears many of us are perhaps taking it a bit too literally by relying on our homes to fund our retirement after our pensions.”

The findings come as several reports warn of pensioner debt as current retirees and those soon to retire report financial problems.

In order to stop more people falling into this trap, Mr Noble urged consumers to formulate a debt management plan

“Of course it can be difficult building up other savings while paying off your mortgage and also investing in a pension. But it is potentially risky to believe that your home will provide for your retirement if your pension is not sufficient,” warned Mr Noble.