ERC meets with MPs over retirement apathy

The event has been inspired by research conducted by the council earlier in the year which revealed that nearly two thirds of adults in the UK were unaware, unwilling or unable to address the financial challenges facing them in retirement.

Nigel Waterson, chairman of the Equity Release Council, said: “With budgets already under considerable pressure it is understandable that many are choosing to push retirement planning further down their to-do list in favour of more pressing matters.”

But Waterson warned this delay tactic could cause more worries later down the line.

He said: “Retirement planning can be a daunting topic but the best way to find your way through the maze of options that are available is to seek professional advice from an independent adviser.”

Accessing housing wealth can be a logical option for those who find themselves reaching retirement asset rich but cash poor. As house prices begin to rise this potential pool of wealth is swelling.

Dean Mirfin, group director at Key Retirement Solutions, said: “Lifestyle priorities clearly dictate for many their motivations through life.

“Sadly saving for retirement is the one area of neglect at the expense of the lifestyle choices that we have to make. A roof over our heads and ensuring that our children are best looked after may be the core if what many if our finances allow.

“The outlook, no matter what we do to encourage saving for retirement, is that this trend is not set to change. For this reason property assets will remain for many a vital part of unintended retirement planning strategies later in life.”