Pension provider Hibernian is warning people not to rely on their home instead of getting a pension.

New research from Hibernian Life reveals that 61 per cent of Irish consumers say their home is a significant part of their future financial security and pension planning. These findings illustrate that the majority of Irish consumers see property as more important than savings and investments when it comes to retirement planning.

According to Evelyn Dowling, Manager of Hibernian Galway in Eyre Square: "It comes as no surprise that so many Irish consumers view their home as their pension. The housing boom in the Irish property market has, in some cases, seen the value of people's homes triple in the last decade.

However, recent experience has shown that housing prices have stagnated. Therefore it's unrealistic to rely solely on property assets to provide for retirement. Galway consumers should remember relying on your home for a retirement income means selling up and moving house in order to access the capital tied up in the property. That may be neither a feasible nor attractive option when the time comes. Remember you are still going to need somewhere to live when you retire!"

Consumer confidence in the Irish property market has undoubtedly encouraged complacency in retirement planning, with only 46 per cent of people saving regularly for retirement. Yet the research reveals that half the population worry about how they will manage financially when they retire and 40 per cent believe they will have to work beyond retirement age. This high level of anxiety over retirement is further compounded by the findings that 65 per cent of people in Ireland believe the government will not provide for them personally in retirement.

Evelyn further advises Galway homeowners to look carefully at all the risks involved with relying on their home as their pension. "Don't put all your eggs in one basket and rely solely on the future value of your home for your retirement income. Start a pension plan and remember the younger you start the better, as even contributing a little now will help you build for the future.

"The longer you delay the more you'll need to contribute to build up a decent retirement fund. And with the tax benefits that come with pensions, they are by far the most efficient way to save for your future financial security."

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