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.
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."
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