(1888PressRelease)
September 21, 2007 - That is according to new research by Scottish Widows, which reveals that over 1.5 million people of this age believe that they cannot retire on a state pension.
It does not bode well for the housing market and may lead to an increase in home repossessions as people begin to default on their mortgage payments.
Struggling financially | Sell your home fast
A total of 26 per cent of respondents said that the only investment they have is their house but, with a number of house price indices recently showing that prices fell in August, this may not be a safe investment.
Rightmove recently reported a month-on-month drop of 2.6 per cent in house prices in August and this will make uncomfortable reading for any homeowners who want to make a quick property sale in order to free up some cash.
In addition, anyone aged over 55 may be considering relocating to a smaller property to get some more money or due to a bereavement but may find that their home is not worth as much as it once was.
###
