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Older Britons are being urged to \u201cact now\u201d as 1.7 million pensioners may be forced to rent into their retirement.<\/p>\n
New research from the Pensions Policy Institute (PPI) is shining a light on the deteriorating prospects of homeownership in the UK.<\/p>\n
According to the think tank\u2019s Renting in Retirement \u2018The Fault Line Below the UK Pension System\u2019 report, middle-aged people face retirement without owning an important asset: their own home.<\/p>\n
This would to future generations of pensioners being worse off than their parents and grandparents who have relied on property as a vital investment and source of income.<\/p>\n
The report\u2019s findings also come at a time when tenants are being straddled with soaring rent payments and a lack of financial security.<\/p>\n
Read more… ‘I\u2019m \u00a31,000 a year better off in retirement after doing these two things’<\/strong><\/p>\n Notably, 17 percent of retirees may still be renting in less than 20 years if the current rate of homeownership among those aged 45 to 64 continues.<\/p>\n The PPI believes that this age group is often overlooked in discussions about getting onto the property ladder.<\/p>\n Furthermore, the share of households in this age group who own their own home has fallen to around three in five today, from around four in five households of the same age 20 years ago.<\/p>\n As well as this, those impacted only have a decade to prepare for retirement with their options to address the situation being limited.<\/p>\n Don’t miss… <\/strong> Anna Brain, the research associate at the PPI, outlined what is at stake for those approaching retirement in the UK.<\/p>\n She said: \u201cBy 2041, up to 1.7 million or 17 percent of pensioner households could be renting privately through retirement.<\/p>\n \u201cThat\u2019s more than three times as many households as today, of whom only a minority of those with the highest incomes might have the means to cover the cost of renting through later life.<\/p>\n \u201cThe increase is caused by years of falling home ownership and a shrinking social housing sector, which together mean that more people are approaching retirement without the secure and affordable housing tenure assumed of them in later life.\u201d<\/p>\nJeremy Hunt announces pension change<\/h3>\n
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