THE typical Briton starts retirement planning at the age of 28, a report has claimed.
Research found that the typical citizen in the UK begins preparing financially for old age before they take their first steps on the property ladder, at an average age of 29.
The findings are part of insurer Axa’s Global Retirement Scope 2007 study in which more than 11,500 people were surveyed in 11 countries around the world.
Bottom of the list, in terms of retirement planning, was China, where the average citizen waits until they are 37 before saving for their old age.
Canada and the US followed the UK, with an average starting age of 30.
North America was followed by Australasia and mainland Europe, in which states were found to have a population willing to save for retirement from an average age of between 31 and 33.
The typical Japanese worker commenced their retirement planning from the age of 36, the survey found.
Axa noted that, despite saving earlier, a third of Britons will rely on property to secure a retirement income.
Steve Folkard, head of pensions and savings policy at Axa, said: “It is exciting to see people starting to take more responsibility for their own income in retirement.
“However, homeowners have limited options for generating earnings. Many people don’t take into account how emotionally attached they can become to a family home.
“By the time they retire, people often don’t want to move away from their friends and family or rob their children of their inheritance by handing over their home to an equity release company.
“This can scupper plans to take an income from the equity in their home.”
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