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AXA: Brits start saving at 28

Money-conscious Britons begin to save for their pensions in their twenties, insurer AXA said yesterday.

Citing a recent global retirement survey, the firm said that UK retirement savings generally commence at the age of 28.

Overall, 71 per cent of British workers have started to prepare financially for their old age.

Of the remaining 29 per cent, however, the average age that they anticipated starting to save stood at 47 - which might be far too late to build a comfortable post-retirement income.

Head of pensions and savings policy at AXA Steve Folkard said: "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."

The global average for workers beginning their pensions currently stands at the age of 33.

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