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One in two Britons unable to afford mortgage, says Engage Mutual

Almost one in two Britons are putting their life on hold as they are unable to afford to pay for big costs like mortgages and further education without the aid of inheritance.

New research from Engage Mutual, which questioned almost 2,000 adults, says that 11 per cent of British adults dismiss being able to own a property unless they inherit money and 23 per cent say they would be able to pay off their mortgage with the help of an inheritance.

With previous research from the firm showing that 54 per cent of retirees are struggling to make ends meet and 7,900 pensioners being declared bankrupt in 2007, Engage Mutual says many Britons may not receive the financial lifeline they are looking for from inheritance.

Engage Mutual spokesman says: “Our previous 3GB research has shown that Britons are already struggling to pay for everyday costs like bills and the household shopping, so we wanted to know how they could afford larger items like paying off their mortgages. It is worrying that so many people have to depend on inheritance to be able to pay for these things.

“Whilst inheritance can be a great financial help it is not something we can control. We encourage people to take control of their families’ futures and save little and often; even £10 each month could make some difference in the long run. Engage provides a number of simple and straightforward savings and investment schemes which can help parents to save for themselves and their children, so that they know they have something to fall back on.”

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