50% of UK population have no pension fund!
It is incredible how far down people’s lists of priorities their own pensions lie. I was reading an article on BBC News this morning, and they revealed that 50% of UK adults aged between 20 and 60 years old have put aside no funds for their pensions.
It was shocking to read, but at the same time I could see why so many people have chosen not to invest in their future.
I myself have only been putting aside money during the last few years, but this is purely because of my property investments. If I wasn’t investing, I honestly don’t think I would have as my main salary doesn’t give me that leeway. It simply wouldn’t stretch that far and I think it is the same for many people across the country.
Substract their mortgage/rents, gas/electric bills, council tax and general living costs from their income and the vast majority of the public are not left with much to work with.
Take a look at these figures from Gfk NOP. Their figures are proof of a growing pension problem within the UK:
Under 30’s - only 36% of the 1,358 interviewed paid into a pension scheme
41-60% - only 55% pay into a fund
These figures are worrying and make me glad that I have got my property portfolio to fall back on.
To take my own example further, from the positive cash flow I generate from my properties every month, I have been able to put aside £12,350 in the last few years – and this was with me using the vast majority of my cash to re-invest in more properties. If I was to leave off investing for a few years, I could easily increase this amount by 5 times the amount.
Now I know I am far off retiring, and have easily got another 20+ years before I need to, but the great thing about my property portfolio is that it will still keep on working when I don’t have to. A fact that I find very reassuring.
Wendy xx
