Research by the Yorkshire Bank has shown that sixty percent of all working people in the UK, expect to still be working well into their seventies, in order to pay off their mortgage. More than half of homeowners think that they will be financially much worse off, when they retire, as high mortgage costs had prevented them saving sufficient funds for a comfortable retirement.
The study shows that 1 in 4 people have still not put a financial retirement plan into place for later in life.
Our view
Sad but many are living for today with no plans for tomorrow.