Mike Ambery, of pensions firm Standard Life, said: “For many people today, a growing share of their wealth is tied up in their home rather than in a pension.
“Property can certainly play a useful supporting role in retirement planning, but it isn’t a complete solution on its own, and leaning on it too heavily can leave people a bit exposed.”
The Pension Commission warned last month that 15 million were undersaving in to their pension and could face a “severe cliff-edge” after they retire.
Tim Hogg, of Fairer Finance, said: “Our research shows that huge numbers of people heading for a retirement income shortfall are sitting on significant housing wealth which could bridge the gap – if they want it to.
“The picture is particularly stark for single women, who face the highest risk of low living standards in retirement, despite often owning homes worth hundreds of thousands of pounds.”
Caroline Abrahams, of charity Age UK, said: “The Pensions Commission, set up by the Government, has also found that millions are set to miss what experts say is the minimum retirement living standard.
“At best, it means not being able to afford the extras that bring joy to you, like being able to pay for holidays and nice meals out, and at worst it can leave you scrimping to get by.”
