An increasing number of savers are investing their money in buy-to-let properties amid fears that their pension will be insufficient to fund their retirement, one expert has stated.
Keith Churchouse, director of Churchouse Financial Planning, says that many people put their money into what they considered to be safe pension schemes, which have gone on to collapse over the course of the last ten to 15 years.
“There are many that are not very happy about that, and so many people have switched to things like buy-to-lets, as an example, where at least they can see bricks and mortar,” he states.
Mr Churchouse’s comments come in response to recent statistics from the National Association of Pension Funds, which reveal that just 34 per cent of people in Britain are confident that their pensions will provide them with enough cash to fund their lifestyle when they retire.
According to Prudential, the average man planning to retire in 2010 will expect to receive an annual pension of £19,593, with women hoping for £12,169 a year.