AXA on the findings of international research showing that on average, Briton's start planning/saving for retirement at the age of 31 and save around £198 (285) a month.

This amount is more than any other European country surveyed but less than in America, Australia, New Zealand, Canada and Japan.

Other findings from the research include the following.

The average age at which Briton's would like to retire is 56, but realistically they expect to work until they are 62.

In some countries, people don't start preparing for their retirement until they are in their 40s or even 50s.

Only 56% of Britain's working population expect to have a comfortable life after work. The corresponding figure in Japan is 10% and less than half the working populations in Portugal, France, Italy and Spain expect this.

Only 59% of the country's retired population consider their retirement income to be sufficient.

International research from AXA, the global insurance company, reveals that the average age which workers in the UK would like to retire is 56, but realistically they expect to work until they are 62.

Steve Folkard, Head of Pensions Marketing at AXA said: "Our research shows that retirement planning is high on the agenda for many people in the UK. However, there is still a sizeable proportion of the working population who have yet to make any plans for retirement and unless they start soon, they may find that they will have to continue working until their late 60's or even 70's."

The arrangements Britain's working population have made to help secure an income in retirement.

Some 64% of Briton's working population claim to have life assurance policies which they will use to help fund their retirements. This is closely followed by 63% who say they have pension plans with their employers.

Investment/savings used by people to save for their retirement Percentage of working population using these savings methods - Life Insurance /policies- 64%; Insurance policy / pension fund provided by employer- 63%; Other pension scheme- 49%; Real estate - 52%; Other Savings - 61%.

Expectations of the cost of living in retirement Despite Britons being the first to start thinking about retirement and using a range of investments to save for it, only 56% of the working population expect to have a comfortable life after work. 59% of the country's retired population consider their retirement income to be sufficient.

Elsewhere around the world, only 10% of Japanese people in work expect to have comfortable retirements, as do less than half of the working populations in Portugal (40%), France (45%), Italy (46%) and Spain (47%). This might help explain why people in these countries don't start thinking about retirement until much later on in life than people in the UK, for example.

Steve Folkard said: " Our research shows that around the world, retirement planning is high on people's agendas and that there is a great deal of anxiety as to what life after work holds for them.

"In the UK there is a growing realisation amongst workers that unless they do more about saving for retirement they will not have the benefits that the current generation of pensioners enjoy.

"The good news is that people have can have a high degree of control over what sort of income they can expect when they stop work and the sooner they start saving the better off they are likely to be."