Skip to main content
The Actuary: The magazine of the Institute and Faculty of Actuaries - return to the homepage Logo of The Actuary website
  • Search
  • Visit The Actuary Magazine on Facebook
  • Visit The Actuary Magazine on LinkedIn
  • Visit @TheActuaryMag on Twitter
Visit the website of the Institute and Faculty of Actuaries Logo of the Institute and Faculty of Actuaries

Main navigation

  • News
  • Features
    • General Features
    • Interviews
    • Students
    • Opinion
  • Topics
  • Knowledge
    • Business Skills
    • Careers
    • Events
    • Predictions by The Actuary
    • Whitepapers
    • Moody's - Climate Risk Insurers series
    • Webinars
    • Podcasts
  • Jobs
  • IFoA
    • CEO Comment
    • IFoA News
    • People & Social News
    • President Comment
  • Archive
Quick links:
  • Home
  • The Actuary Issues
  • April 2018
04

High home ownership recorded among lowest income pensioners

Open-access content Monday 23rd April 2018 — updated 5.50pm, Wednesday 29th April 2020

Low-income pensioners in the UK have among the highest levels of home ownership in the country, according to new analysis of government figures by Just Group.

2

It was found that 89% of retirees in the lowest income bracket of £7,619 a year owned a home in 2016/17 - equivalent to nearly 660,000 households and 40,000 more than three years earlier.

That is significantly higher than the 66% of homeowners on the national average income of £17,493, and just below the 94% of pensioners that own a home on £55,365 a year.

"Property is often claimed to be the best way to save for retirement, but it is striking that among the retired, higher home ownership levels don't equate to higher income," Just group communications director, Stephen Lowe, said.

"In fact, we see that both the poorest and richest pensioners are among the most likely to own their homes, with those who live on average incomes less likely to do so."

Lowe said the figures suggest working people should look to pensions as the most reliable way of providing an income, rather than investing everything in owning a home.

Despite this, it was found that 49% of adults that are not yet retired in the UK believe saving in property will make the most of their money, up from 40% five years ago.

This is far higher than the 28% that believe pensions are the best way to save, while the findings also show that 23% plan to sell their home and downsize when they stop working.

In addition, it was found that pensioners on the lowest incomes receive the least benefits, with Just urging these people to check they are claiming what they are entitled to.

"It's important they make sure they are claiming their full entitlement and not be put-off making inquires just because they may own a property," Lowe continued.

"Overall, the message is that building up a pension is one of the best tools for delivering retirement incomes, but those with property do have choices.

"Either way, people need to ensure they take guidance and advice to use their assets wisely."


Sign up to our free newsletter here and receive a weekly roundup of news concerning the actuarial profession

This article appeared in our April 2018 issue of The Actuary .
Click here to view this issue

You may also be interested in...

2

Motor injury compensation claims fall to nine-year low

The number of personal injury motor insurance claims in the UK has fallen to the lowest level recorded in almost a decade, official government figures reveal.
Tuesday 24th April 2018
Open-access content
2

Global disaster events highlight $193bn insurance protection gap

Insured losses from disaster events hit a record-breaking $144bn (£103bn) worldwide in 2017, yet the total economic costs were more than double this at $337bn.
Friday 20th April 2018
Open-access content
2

NHS in 'financial distress' and will need an extra £50bn a year by 2030

The NHS will need an additional £50bn each year by 2030 if funding is to return to its long-term trend, with patients facing longer waiting times and a re-emergence of rationing.
Thursday 26th April 2018
Open-access content
2

EU policy slows global warming

Reforms introduced last November to reduce CO2 emissions in the EU have helped create a marginally better outlook for global warming, according to new research from Schroders.
Thursday 26th April 2018
Open-access content
2

Equity release lending doubles in two years

Lending activity in the UK equity release market hit a record £870m in the first quarter of 2018 – 120% more than the £394m registered in the first three months of 2016.
Thursday 19th April 2018
Open-access content
2

"Inadequate' GDP failing to capture true state of UK economy

The UK must broaden its economic indicators in order to obtain a more accurate picture of the risks facing the country, according to the Institute for Public Policy Research (IPPR).
Friday 27th April 2018
Open-access content

Latest from April 2018

IFoA appoints two new directors

The Institute and Faculty of Actuaries (IFoA) has appointed two new directors as it looks to promote the profession to a wider audience and open up new markets.
Monday 30th April 2018
Open-access content

Telematics set to transform motor insurance industry within five years

Technology is set to transform the motor insurance industry over the next decade, with telematics-based premiums predicted to be widespread within five years.
Monday 30th April 2018
Open-access content
2

Insurers warned of threat posed by fake data

The majority of insurers around the world are failing to ensure the data that feeds their artificial intelligence (AI) systems is accurate, potentially undermining their business decisions.
Wednesday 25th April 2018
Open-access content

Latest from small_opening_image

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from inline_local_link

2

COVID-19 forum for actuaries launched

A forum for actuaries has been launched to help the profession come together and learn how best to respond to the deadly coronavirus sweeping the world.
Wednesday 25th March 2020
Open-access content
2

Travel insurers expect record payouts this year

UK travel insurers expect to pay a record £275m to customers this year as coronavirus grounds flights across the world, the Association of British Insurers (ABI) has revealed.
Wednesday 25th March 2020
Open-access content
2

Grim economic forecasts made as countries lockdown

A sharp recession is imminent in the vast majority of developed and emerging economies as the deadly coronavirus forces businesses to shut down across the world.
Tuesday 24th March 2020
Open-access content

Latest from 04

IFoA appoints two new directors

The Institute and Faculty of Actuaries (IFoA) has appointed two new directors as it looks to promote the profession to a wider audience and open up new markets.
Monday 30th April 2018
Open-access content

Telematics set to transform motor insurance industry within five years

Technology is set to transform the motor insurance industry over the next decade, with telematics-based premiums predicted to be widespread within five years.
Monday 30th April 2018
Open-access content
2

Insurers warned of threat posed by fake data

The majority of insurers around the world are failing to ensure the data that feeds their artificial intelligence (AI) systems is accurate, potentially undermining their business decisions.
Wednesday 25th April 2018
Open-access content
Share
  • Twitter
  • Facebook
  • Linked in
  • Mail
  • Print

Latest Jobs

BPA Transition Manager

London, England / Edinburgh, Scotland
£45000 - £65000 per annum + market leading bonus and benefits
Reference
148878

London Market Pricing Contracts - Inside & Outside IR35

London (Central)
£1000 - £1300 per day
Reference
148877

SME Pricing Director

London (Central), London (Greater)
£225K + bonus + benefits
Reference
148872
See all jobs »
 
 
 
 

Sign up to our newsletter

News, jobs and updates

Sign up

Subscribe to The Actuary

Receive the print edition straight to your door

Subscribe
Spread-iPad-slantB-june.png

Topics

  • Data Science
  • Investment
  • Risk & ERM
  • Pensions
  • Environment
  • Soft skills
  • General Insurance
  • Regulation Standards
  • Health care
  • Technology
  • Reinsurance
  • Global
  • Life insurance
​
FOLLOW US
The Actuary on LinkedIn
@TheActuaryMag on Twitter
Facebook: The Actuary Magazine
CONTACT US
The Actuary
Tel: (+44) 020 7880 6200
​

IFoA

About IFoA
Become an actuary
IFoA Events
About membership

Information

Privacy Policy
Terms & Conditions
Cookie Policy
Think Green

Get in touch

Contact us
Advertise with us
Subscribe to The Actuary Magazine
Contribute

The Actuary Jobs

Actuarial job search
Pensions jobs
General insurance jobs
Solvency II jobs

© 2023 The Actuary. The Actuary is published on behalf of the Institute and Faculty of Actuaries by Redactive Publishing Limited. All rights reserved. Reproduction of any part is not allowed without written permission.

Redactive Media Group Ltd, 71-75 Shelton Street, London WC2H 9JQ