For most people, the best approach for long-term savings is a combination of pensions and ISAs. Pensions provide initial tax relief that gives your savings an immediate uplift but they are inflexible.
ISAs, on the other hand, can still be tax-efficient and you can access your money whenever you like.
Remember, too, you can utilise your stocks and shares ISA allowance (which is £11,520 for the current tax year). Over the long term, saving in stocks and shares will grow faster than savings in cash, where interest rates are paltry.
The mix of pensions and ISAs depends on your own circumstances. Pensions are most suitable for higher-rate taxpayers, particularly if they won't be paying higher-rate tax when they eventually draw an income from it.
ISAs are most suitable for basic-rate taxpayers or those who want the flexibility they provide.
A pension pot target of £200,000 or more is achievable for many people if they start saving early enough.
Buying property could work out well but is a much higher risk. Most people should focus instead on building up their pension and ISAs.