Financial advisers generally say everyone’s circumstances are different, and that people should not feel overwhelmed by the recommended amounts.
“My first answer when people ask me how much they should save is ‘as much as you can reasonably afford’. That usually isn’t considered a solid enough answer. The rule of thumb ‘half your age as a percentage’ is a good enough starting point. Most people get employer contributions and government tax relief, which will bring this down,” says Alasdair Walker, a chartered financial planner at Hunter Aitkenhead & Walker.