Start saving early, Britons advised

Britons need to focus on their finances to ensure they are setting aside enough for later life, according to the Saga group.

Saga claims that people often expect to have a better retirement than their finances will allow.

This is because people do not set aside enough in savings during their working life, preferring to spend disposable income on a high standard of living, a spokesman claimed.

“People have lots of expectations that their lifestyle will continue on from what it was like when they were at the peak of their earning powers, and thatís something that might need revising,” said Steve Ashton.

He advised people to help their savings by keeping spending to a minimum and taking advantage of tax-free ISAs.

The Saga Group focuses exclusively on the provision of products and services for people aged 50 and over.

Meanwhile, A recent report found that Britons start planning their retirement earlier than any other nation on earth.

The report, by insurance provider AXA, found that the average Briton begins contemplating their retirement at 33 years of age.

© Adfero Ltd

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