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Report says Britons begin saving for retirement earlier than global average

Report says Britons begin saving for retirement earlier than global average

Despite warnings of a looming "pension crisis," Britons are providing more for their old age than the global average, a report shows.
Almost three in four British workers (71 percent) have some pension provision, compared to the international average of just over half (54 percent), according to insurer AXA.
Britons typically start planning for their retirement at the age of 28 - five years earlier than the world average.
Workers in France and Spain do not start saving for retirement until 34, and those in China and Hungary begin to build their pension pot at 35 and 38 respectively.
However, some British workers are still waiting until they are into their 40s and 50s to think about retirement income, the survey showed, and a third of those who have not yet started saving for their latter years do not expect to do so until they reach age 47.
Steve Folkard, head of pensions and savings policy at AXA, said: "It is encouraging to see that Brits lead the way when it comes to retirement planning, but not surprising given that state benefits in the UK provide a very modest retirement income compared with many other countries.


Updated : 2021-06-21 12:27 GMT+08:00