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Pension Planning
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New research shows many Britons have unrealistic expectations about the future, hoping to retire before they are 60 despite not starting a pension until they are nearly 30.
People plan to buy their first home and start a pension when they are 29, begin investing in shares when they are 34 and retire at 56, according to Insight Investment, the asset management arm of HBOS.
They also hope to have enough cash to leave home when they are 21 and get married three years later but despite these plans people don't clear their student loans until they are an average of 27 years old.
And although they want to stop working at 56, 40% of people in their 30s and 37% of people in their 40s and 50s still haven't started saving for when they retire.
Women put off starting a pension for longer than men, leaving it until they are an average of 31 compared with 27 for men, while 52% of women questioned were not yet saving for their retirement, compared with 36% of men.
On average, people claimed they did not plan to invest in stocks until they were 35, and about three-quarters said they would not consider putting money into equities at all.
The research also found that just 17% of people in their 20s have taken out an ISA, enabling them to save tax free, rising to 28% among people in their 30s
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