Younger generations can’t rely on property as pension

A growing number of retired people are using their property wealth to top up their pension incomes. Baby Boomer homeowners withdrew almost £9.5m in housing wealth every single day through equity release in 2019, or £75,631 on average, according to over-55s specialist Key. Many use some or all of the cash to clear debts, with one in five clearing mortgages. However AJ Bell senior analyst Tom Selby warned that younger people are finding it difficult to get on the housing ladder and then face longer mortgage terms than their parents and grandparents: "In all likelihood, their house will not be their pension."

Daily Express (21/01/20)