UK Money News
11th June 2008
Brits urged to start saving earlier
Britons who start saving before they hit their earnings peak are those best placed to enjoy a retirement free of money worries, new data suggests.
Research from finance site Fool.co.uk found that the average wage that a UK worker can expect to enjoy is at its peaks at £35,000, which is typically attained at the age of 30.
After this point, the typical wage remains at this level until the age of 56, after which point workers can expect lower progressively lower earnings.
David Kuo, head of personal finance at Fool.co.uk, said that the findings highlight the need to start saving as possible.
He commented: "With average consumer debt of £21,450, and potential mortgage debt of much more, it seems those of us indelicately referred to as middle-aged should show some of the conservatism the term implies."
Mr Kuo added: "No one should ever think they are over the hill at 40, but you will have a financial mountain to climb if you haven't saved enough when you were still young and upwardly mobile.
"Consequently, optimistic career climbers need to plan their finances earlier. Tightening purse strings is obvious - but remembering that salary-wise they may never loosen is imperative."
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