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Millennials skimming on pensions

Saving to buy a house comes first

Millennials are skimming on their pensions in order to try and save to buy a house, according to financial services firm Prudential. More than a third of under 35's consider saving for a house deposit to be more important than putting money into their pension pots.

Following a survey, they found that 19 per cent of young people believe the dream of owning their own home is stopping them from saving more money for retirement. One in five under 35's also expect to receive help from parents to buy a home.

It's clearly evident to us that young people are finding it ever harder to get on the housing ladder. Not too long ago, every other buyer coming into our office introduced themselves as a First Time Buyer, so uncommon is such a visitor these days that our team will likely raise an eyebrow before facing up to the difficult task of explaining there will be very little to choose from in their price range.

Not only are there few first time buyers who can afford to spend in excess of £150,000, such is the present shortage, there are few properties coming on to the market in that price range - or indeed in any price range.

What a sorry state of affairs and there doesn't appear to be any form of solution coming along any time soon.

By Chris Willey

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