Britons are starting their retirement pension planning earlier than the rest of Europeans, according to new research.
Financial protection company AXA found that the average Briton starts saving money towards their retirement pension at the age of 28.
Those saving money claim to put an average of £249 a month aside for their retirement pension – an amount which AXA says would give them a weekly income of £194 in retirement.
The AXA research reveals that nine in ten Britons would rather have modest returns than run risks when they consider their retirement pension options.
AXA points out that Britons who are saving money towards their retirement pension are more likely to put money in savings accounts or property investment rather than risking stock market investment.
Steve Folkard, spokesperson for the financial protection company, says the fact that Britons are more prepared for retirement planning than those in France and Spain is "encouraging".
He says AXA's advice is that one "can never start planning too early" for retirement pension.
"Seek financial advice and begin saving as soon as you can," he says, adding that "retirement creeps up on us all a lot quicker than we think it will".
Brits ahead in retirement pension planning, research finds
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Brits ahead in retirement pension planning, research finds
Wed, 08 Feb 2006
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