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Britons show impetus over retirement preparations
5 March 2008 12:00
British workers are more likely to save for retirement and tend to start their preparations considerably earlier than their overseas counterparts, according to a new survey.
Seven out of ten UK employees are already saving for retirement, compared to just over half of all workers worldwide, Axa's poll revealed, while the average age to begin putting cash aside for the long-term is 28 in Britain, also five years below the global average.
The most common trigger for people to start saving up for when they give up work is joining a company with a good pension scheme, which over two thirds of Britain's workers attributed as a factor, while nearly half cited marriage and serious relationships.
However, over two out of five people also said turning 50 was a big motivator for beginning retirement saving, which suggests they are commencning their preparations too late, as does the fact that non-savers typically do not expect to start until they reach 47.
Axa's Steve Folkard welcomed the news that Britons lead the way in retirement planning, but put this partly down to the relatively poor state pension they receive and told young people that the earlier they start saving, the greater the benefits when they cease work.
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