Those hoping to get on the property ladder have been warned not to make the wrong saving cuts. According to a report from Legal & General (L&G) a staggering amount of hopeful homeowners are prioritising property over pensions.
It highlighted that nearly one-in five first-time property buyers said they had either temporarily stopped, or indefinitely stopped, or reduced their pension contributions in order to buy their first home.
Despite this, L&G warned that this may not be the best strategy to buying your first home as it could have drastic effects on your future finances.
The key issue with disrupting your pension is the effect it has on your contributions. A pension contribution is any amount paid into a pension scheme by an employee, employer, or the government.
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