Europe’s youngest pension savers are in the UK

Research from insurer AXA has revealed that 75% of British workers have some form of pension provision, with the average person starting to save towards retirement at just 28.

The insurer revealed that Britons begin saving earlier than those in France and Spain who start saving at an average of 35, while those in Hungary put off saving until they are 38.

However, the insurer also said that among the one in three people who had not yet started to save towards their retirement, the average person claimed they would delay saving until they were 47.

It was unveiled that 68% said the most common reason for motivating them to start saving towards their retirement is having a good company pension scheme. 45% said getting married or having a serious relationship had also prompted them to save.

Steve Folkard of AXA said it is encouraging to see that Britons 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.

However, despite this, there are still a worrying number of people who have still not started saving into their pension, added Mr Folkard.

71% of working Britons said they were making some form of retirement provision, compared with an international average of 54%.

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