Pensions 'should be priority over property'

Friday, June 11th 2010

Young Britons have been warned by their parents of the importance pensions will play in their future.

There is a common belief among those yet to get on the property ladder that home ownership ensures a secure future.

However, according to research by Aviva, almost half of parents (47 per cent) are suggesting to their offspring they make saving money in pensions a priority.

More than a third (36 per cent) say they would even help their children start off their pension pot if they were in a position to do so.

Aviva's Pensions Ladder reveals the greatest fear of those with sons and daughters is the state of their youngster's financial future.

"Hoping property prices will be on the up by the time you retire is too big a gamble to take with your financial future," advises property expert Sophie Allsopp.

A study by Santander this week revealed 18 to 24-year-olds are the nation's best savers, tucking away an average of £134 a month.