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Average Brit ahead of international average when saving for retirement

March 4, 2008 by admin  
Filed under News, News-Banking

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A new survey published today shows that the average British consumer begins planning for their retirement up to five years ahead of the international average.

According to findings from AXA, Brits start saving for their post-work future at 28 years-old, compared with workers in France and Spain who do not start planning for life post-work until they are 34.

Up to three in four (71 per cent) of working Brits have started preparing for their retirement financially, a percentage higher than the global average of 54 per cent.

Steve Folkard, head of pensions and savings policy at AXA, said: “It is encouraging to see that Brits lead the way when it comes to retirement planning but not surprising given that state benefits in the UK provide a very modest retirement income compared with many other countries.”

The research also shows that people have found alternative ways to save for the future.

New methods include opening personal pension schemes (45 per cent) and putting money aside in equities and bonds (45 per cent).

Meanwhile, the Policy Exchange has warned that the pension crisis is worse than originally feared as it faces a perfect storm.

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