Millions of retirement savers 'leaving it too late'
Millions of people around the UK are leaving it too late to start saving for retirement, according to a recent report.
Figures from Axa have indicated that the average age at which British consumers start setting money aside for later life is 28, but many people wait until they reach their 40s and even their 50s.
Overall, close to three-quarters of all British adults are currently saving for retirement, but those who are not could be facing serious financial problems when they end their working lives, the insurance firm reports.
Highlighting the importance of saving for retirement, Axa has described the state benefits paid out to elderly Britons as being "very modest" when compared with other nations around the world.
"Young people today think retirement is far off and that pensions are something they do not need to worry about, yet figures do show that the earlier you begin saving the greater the benefits when people hit retirement," said Steve Folkard, head of pensions and savings policy at Axa.
The British Bankers' Association claimed recently that people around the country are becoming more sophisticated in the ways that they use savings products.
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