Brits Best in Europe for Pension Saving

Brits are better at setting money aside for their retirement than their European counterparts, a new survey suggests.

The average person now starts putting £249 a month into their pension fund from the age of 28, according to Axa.

The new figures show that many have learned from the older generation who did not start planning their retirement until they reached 35.

But despite starting earlier, those now starting to look ahead to their retirement years will only have a weekly income of £194 compared to the average £256 a week which current retirees receive.

Steve Folkard, Axa spokesperson, said that more people were getting on track with their planning but more still needs to be done.

He said: "It is encouraging to learn that Britain is one of the most prepared nations when it comes to retirement planning, more so than France and Spain to name but a few. Our advice would that you can never start planning too early."

He also pointed out that many Brits now shy away from high risk investments.

He continued: "The performance of the stock market over the last 10 years has made people want to invest their money in more secure areas, such as savings accounts and property.

"An incredible 91 per cent of working people in the UK prefer a retirement product that gives a modest return but which has no financial risk. Only Spain and Japan are more hostile than us to high risk investments."