Open a savings account: Bank calls for government savings action

More people in the UK open a savings account to prepare for retirement than any other country, according to a new survey.

The data, collected in AXA's bi-annual Retirement Scope survey, shows that more than half of British people prepare for the end of their working lives by opening a savings account and putting money aside.

However, the bank said that many workers still experience a substantial drop in income at retirement due to lower levels of state benefit compared to other European countries.

Mike Morrison, head of pensions development at AXA Wealth, said: "If we're going to get Britain really tackling the savings gap, then we need much closer collaboration across the industry. Independent financial advisors have a vital role to play in helping British savers ... overcome their finance phobias."

Earlier this week, UK Sustainable Investment and Finance released a guide which encourages financial advisers to mark National Ethical Investment Week.