Leading the way

UK savers start earlier than their European counterparts

Nearly three−quarters of British workers have some form of pension provision, with the average person starting to save towards retirement at 28, according to research by insurer AXA. The survey found that Britons currently begin to save into a pension around six years earlier than those who are currently retired did, and five years sooner than the international average.

But it added that among the one in three people who had not yet started to make retirement provisions, the average person claimed they would put off saving until they were 47.

Britons begin saving earlier than many of their European counterparts, with people in France and Spain not starting until they are an average of 35, while those in Hungary put it off until they are 38.

The research found that there are several life triggers that influenced working Britons to begin saving into a pension, the most common of which was having a good company pension scheme to join, cited by 68 per cent, while 45 per cent said getting married or having a serious relationship had also prompted them to save.

Overall 71 per cent of working Britons said they were making some form of retirement provision, compared with an international average of 54 per cent.

Among those who are saving 61 per cent were doing so through their company pension scheme, while 45 percent have a personal pension, the same proportion invested money in equities and bonds and 34 per cent had put money into property.