According to a recent survey conducted by Axa, Britons are the first to save for their pension and they start retirement planning at age 28, which is below the average age for stepping on the property ladder at age 29. By comparison, the average age for retirement planning in France is 31 and 33 in Spain.
The survey also found that the average retiree has £271 left after paying his monthly bills and although France and Germany claim a higher pension than the United Kingdom, £1051 and £978 respectively, their pensioners claim that it is not enough to live on. Europeans also have the perception that the United Kingdoms pension system is better than their own countries and a high proportion of people are in favour of a common pensions system.
Our view
Although we are saving towards our retirement, we suggest most people are relying on their property to provide a retirement income. Given recent stability, this may not be a bad thing.