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Home loans squeeze spending


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The UK could be £55 billion richer over the next decade if mortgage-slave Britons stuck more cash into pensions, an economic think-tank claimed on Wednesday. The National Institute for Economic and Social Research’s in-depth study of households over 20 years found those with mortgages typically had a 15% lower private pension income on retirement. Servicing home debt “crowds out” pension savings, particularly in the first decade after the loan is taken out, it found. Monique Ebell said: “UK households’ over-reliance on housing as a form of saving and investment is affecting their own income at retirement, and the UK economy as a whole.” ES

Property are the pension, what could get possibly wrong?

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