Research conducted by Axa suggests that Britons are also saving more in pension funds than most other Europeans.

The poll found that Brits start planning for their retirement at 28, putting around £249 a month away for the future. Over-55s in the UK admitted that they had not started planning for retirement until they were 35.

However, Axa estimates that those currently saving into a pension fund will only receive a weekly retirement income of £194, compared with an average of £256 a week for those who are currently retired.

Axa spokesperson Steve Folkard, said: “It is encouraging to learn that Britain is one of the most prepared nations when it comes to retirement planning, more so than France and Spain to name but a few. Our advice would that you can never start planning too early.”

Mr Folkard added that the disappointing performance of the stock market in recent years has made savers more cautious when it comes to saving for retirement, with 91 per cent of employees polled favouring a retirement product that gives a modest return with little or no risk.

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