Life Insurance -
Britons saving for pensions early, AXA says - 04/03/2008
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Britons start saving for their pensions five years before the rest of the world, new research from life insurance provider AXA has found.
The national average for beginning retirement savings stands at just 28 - down from the global average of 33.
Around seven in ten Britons also told the life insurance provider that they had already begun to gather funds for their pensions.
However, of those who had not started to save, the age at which they planned to begin stood at 47 - which will be in many cases be far too late to build a comfortable post-work income.
Commenting on the study, 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."
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