Brits start pension saving at average age of 28
Published on : 03/03/2008
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There may be a global pensions shortfall building up, as people fail to save enough for their retirements, but Britons are ahead of the international game.
A new survey shows that the average age at which British people start putting money away for retirement is 28 – five years younger than the international average.
Workers in Spain and France do not even start saving until an average age of 34, while Hungarians leave it until they are 38.
Moerover, the study by AXA found that 71 per cent of Britons are actively saving towards their pensions, compared the 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.
"However, in spite of this, there are still a worrying number of people who have still not started saving into their pension. Young people today think retirement is far off and that pensions are something they do not need to worry about, yet figures do show that the earlier you begin saving the greater the benefits when people hit retirement."
One cause for concern particularly stood out. Of those who have not started saving in the UK, around a third said that they were unlikely to start doing so until an average age of 47.
