Britons lead Europe in saving for retirement, says AXA

Britons lead Europe in saving for retirement, says AXA

28 February 2005
British workers save more and start planning earlier for their retirement than any other Europeans, research from AXA reveals.

The international research found that the average age at which British people start saving for their retirement is 31, and they save an average of £198 a month.

This compares with a starting age of 34 and 51 and monthly pension deposits of 241 and 160 euros in Germany and Italy respectively.

Brits lag behind their North American, Australian and Japanese counterparts, however.

Whilst most Japanese workers don’t start thinking about their pension until they’re a ripe 52, they then save an average of 293 euros a month.

North Americans also start later than the British, at 34, but save a whopping 531 euros a month, whilst Australians start at 36 and manage 405 euros a month.

“Our research shows that retirement planning is high on the agenda for many people in the UK,”said Steve Folkard, head of pensions marketing at AXA.

“However, there is still a sizeable proportion of the working population who have yet to make any plans for retirement and unless they start soon, they may find that they will have to continue working until their late 60s or even 70s.”

About 36 per cent of British workers do not have life assurance policies to help fund their retirement, and about 37 per cent do not have pension plans with their employers, according to the research.

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Written by Editorial Team