Aegon has called on the Consumer Financial Education Body to launch an educational campaign focusing on the costs, benefits and risks of property investment.
Behavioural research conducted by independent consultant Jackie Wells on behalf of the life and pensions firm suggests people view investing in property as a “modern” way to save for the future. Pensions, on the other hand, were described as “old fashioned”.
Wells says: “When investing in property people feel in control because it is a process they understand. People struggled to grasp the concept of tax relief on pensions.”
A CFEB spokeswoman says it is “in discussions” with Aegon about its recommendations and what such a campaign could look like.
CFEB head of consumer affairs Amanda Bowe says: “We look forward to working with Aegon and other organisations in the financial services industry to continually improve consumers’ awareness in this matter.”
This follows comments from housing minister Grant Shapps that property should principally be viewed as a place to live rather than an investment.