Survey explores the ways people are saving for retirement

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17th December 2015 13:03 - Financial Services

According to the findings of a survey, conducted on behalf of Aviva, the most popular method of saving money for retirement is through an employer pension schemes, closely followed by cash ISAs and ordinary bank or building society accounts.

Although, the survey did discover that 8 per cent of people are saving cash for their retirements in places such as piggy banks and as a result, are missing out on accruing any interest on their savings. A further 2 per cent of the survey’s respondents said that they have invested in art or antiques as a method of saving for retirement.

On the other hand, 7 per cent of people are investing in property to help fund their retirement. This figure rises to 11 per cent within the 35 to 44 age group. Recent figures from the Office for National Statistics revealed that the average price of a house in the UK is at a record high of £284,000.

However, investments can sometimes leave the individuals worse off, should the value of the investment decrease.

The survey findings – which were released to mark the launch of a new online platform by Aviva, aimed at customers who want to manage their investments themselves – were based on interviews of around 2,000 people aged between 18 and 65 years old.

Below is the full list of where the survey respondents claimed to be keeping their retirement money, according to the market research:

Employer pension scheme – 29 per cent

Cash ISA – 20 per cent

Bank or building society account - 18 per cent

Private pension fund - 15 per cent

Cash savings - 8 per cent

Stocks and shares ISA - 7 per cent

Property investments - 7 per cent

Stocks and shares (non-ISA) - 6 per cent

Premium bonds - 6 per cent

Antiques and artwork - 2 per cent

Source: Aviva. For more information about the market research, click here.

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