Mr. Tim Duggan:

I suggest the opposite because rents are as costly as mortgages nowadays. I have two sons who are in the age bracket that is looking at how to deal with property and so on. Renting is as expensive as buying nowadays. Renting and taking out a pension is no more feasible than having a mortgage and taking out a pension nowadays. The Deputy is correct in the sense that a reduced level of home ownership is emerging through the generations and, therefore, when it comes to pension age, dealing with that rental requirement will be a real issue. The ESRI has done some analysis and published reports to demonstrate precisely that. It could be argued, however, that makes it even more imperative that people get into good-quality retirement schemes in order that they will have a better income in retirement.