Nearly half (49%) of Britons believe investing in property is the best way of saving for their retirement, according to figures released by the ONS.
Research conducted from July 2016 to June 2017 revealed that 40% of respondents considered workplace pensions to be the safest method of saving for retirement.
However, when asked which method of saving for retirement would make the most of their money, property (49%) proved the most popular choice, while only 22% said the same of workplace pensions.
Despite the popularity of workplace pensions falling, former pensions minister Steve Webb believes investing in property is not necessarily the most suitable long-term option.
Webb, director of policy at Royal London, said:
It is understandable the public might imagine that property was the best way to save for retirement as it is more tangible than a pension, and pensions all too often attract negative headlines.
Saving through a workplace pension is a hugely effective use of money, not just because of generous tax breaks but because of the money that an employer will contribute.
The problem is that the employer contribution is often ‘invisible’ to workers.