You are here: Home - Saving & Banking - News -

UK workers start their retirement plans at 28

Written by:

Such is the love affair that Britons have with their work that they start taking pension advice and preparing for their retirement at 28, earlier than in any other major country, according to a report from insurer and life company Axa.

But the report also found that one-third of the respondents would be depending on property to finance their old age, using methods like equity release to draw down funds for day-to-day living expenses.

Taking pension advice and preparing for retirement at 28 also means that this phase of financial planning comes before many people have even got on to the property ladder, which now tends to happen in their early thirties.

Axa’s Global Retirement Scope study said the average worker in the US started saving for old age at 30, while in Australasia and mainland Europe the typical age rose to 31 and 33 before pension advice was taken. In Japan workers typically waited until they were 37 before making their plans.

The Chinese wait the longest before starting to make their retirement plans, the survey reported, as there is a strong tradition of families looking after their aged relatives in that country.

Head of pensions and savings policy at Axa, Steve Folkard, said: “It is exciting to see people starting to take more responsibility for their own income in retirement and obtaining pension advice to achieve this.

“However, homeowners have limited options for generating earnings from the property they live in.”




Related Posts


Tag Box




Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

Are you a first-time buyer looking for a mortgage?

Look no further, get the help you need by searching for your perfect mortgage

Five ways to get on the property ladder without the Bank of Mum and Dad

A report suggests the Bank of Mum and Dad is running low on funds. Fortunately, there are other options for st...

The essential Your Money guide to the April 2018 tax changes

As we head into the 2018/19 tax year, a number of key changes take place to existing policies while some new i...

A guide to switching energy provider

All you need to know about switching from one energy supplier to another.

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co... Awards 2018

Now in their 21st year, our awards recognise the companies offering the best products and services to consumers

Money Tips of the Week

Read previous post:
Broadcasters ‘behaving like kids’ in costs row

Following the row between BSkyB and Virgin Media over TV rights and higher fees, the National Consumer Council (NCC) may...