A study by the Equity Release Council has found a shocking 65% of people are unable, unaware or unwilling to save for their future.
In a reflection of the desperate situation facing many people, one in ten respondents envisage having to sell their home later in life due to a lack of affordability and inadequate retirement funds, whilst 18% are skeptical as to whether they will even own their own property when they come to retire.
Around 30% of people want to make provisions for their retirement, but due to rising living costs, are financially 'hassled and overstretched' and are simply saving what they can, when they can.
Some people are even holding out for an inheritance windfall to fund their retirement.
An encouraging 32% of homeowners still consider their home to be their most valuable asset however, claiming it offers them peace of mind should they need to withdraw equity to bolster savings funds in the future.
Nigel Waterson, chairman of the Equity Release Council, said: "When people's budgets are under pressure right now, it is perfectly understandable why many prefer to focus on the present and not dwell too much on their financial future, especially if their outlook for retirement is less than sunny. Unfortunately, that inaction could prove costly in later life.
"Seeking out professional advice on a range of retirement products, from pensions and annuities to equity release, can help to identify the best way to make their financial assets work for them in later life," he advised.
Find out how to get the best income in retirement, just click the link for a more in-depth discussion.
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