Nearly three quarters of people who began pension saving after the age of 31 wish they’d started earlier, according to a survey by TopCashback.co.uk.
The survey by the cashback website found that 72% of people regret delaying saving for their pension until their thirties.
More than a fifth (22%) of these said they did not start saving because they didn’t understand how pensions worked.
The poll of more than 3,300 savers found:
- around two thirds of people over 18 have a work or private pension
- most pension savers contribute between 5% and 6% of their monthly salary
- more than half of pension savers began contributing when they were in their twenties
- most people plan on retiring in their 60s.
However, the survey also revealed that 84% of people without a pension have no alternative plan for retirement. Around half of these are concerned that they haven’t begun preparing for their retirement.
The most common reason for not saving in a pension was not earning enough.
