Britons Planning on Earlier Retirement

Research shows that UK savers aim to take earlier retirement than their European counterparts.

An online survey by Brahm and Cicero Consulting found that over a quarter of Britons expect to retire before the age of 60, as compared to just eight per cent of people in Germany.

However, the survey also showed that a third of all UK savers felt that they would have to work beyond the age of 65 to maintain a good standard of living in retirement.

Robin Horsfield, associate director and head of research at Brahm, explained: "People are starting to understand that retirement at 65 is not a given and are open to new approaches to their working and retirement life.

"We look to pension providers to consider how they market their pension products in relation to changing lifestyles and savings attitudes."

The survey also found that Britons feel less able to rely on state support in retirement than their European counterparts.

Only 17 per cent of UK savers expect three quarters or more of their pension to be provided by the state, compared to 64 per cent in Spain and 41 per cent in France and Italy.