Pensions timescale revealed

Monday, September 19, 2005

A new study has highlighted in timescale terms the real cost of saving an adequate pension in Britain.

According to Insight Investment, British men who do not begin to save for their retirement until the age of 35 will spend each day between 9:00am and 10:42am saving for a pension of £16,432.

And women in the UK would have to work for an extra ten minutes each day to save the same, based on average salaries.

But, men and women aged twenty who have begun saving for their old age would only have to work 51 and 56 minutes respectively to save enough for retirement.

Head of retail at Insight Investment, Gordon Phillips, said: "For countless British workers, clocking up a decent retirement timesheet can be a daunting prospect.

"Many could be forgiven for keeping one eye on their watch today when they realise how many 'retirement hours' they need to work now, simply to make ends meet in old age."

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