Brits plan for pension before purchasing property

Pensions research released by AXA shows the average British person starts planning for their retirement before taking a first step on the property ladder.

Britons start planning for their retirement at the age of 28, but dont purchase a property until they are 29.

The UKs workers take the lead on retirement planning worldwide with those in Canada and the USA coming second at the age of 30 and those in Australia coming third at 31.

Britons are ahead of those in Europe with French, German and Italian workers also preparing for retirement at 31 and those in Spain waiting until they are 33 before they consider how to fund their pension.

Young Britons are more financially savvy than many would give them credit for, saving 10% of their salary towards their retirement income. However as one third will rely on property to secure a retirement income, concerns are raised about how much thought and advice has been taken when exploring the best way to plan for retirement.

Steve Folkard, head of pensions and savings policy at AXA, says: With the majority of Europeans having less disposable income in comparison to their UK counterparts, it is hardly surprising they favour a common pensions system that could bring their financial situation inline with the more affluent UK.