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High Property Prices Forcing People To Work Beyond 70!
March 2005
Just published research now indicates that 6 out of 10 UK mortgage holders will be forced to work well past the age of 70.
It is mainly as a result of rampant house price inflation. Higher house prices means higher mortgages and therefore extra money diverted from paypackets to pay the monthly mortgage is not going on any sort of pension previsions for retirement.
The Yorkshire Bank reports that 52% of mortgage holders believe they will not have saved sufficient funds for a comfortable retirement. The bank has also found that 36% of mortgage holders do not believe they will be able retire early, while 24% of respondents have no financial retirement plan at all.
The research was conducted on a sample of more than 1,000 people nationwide during December 2004.
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