The total value of people’s pensions peaks in their 50s while their ISAs peak in their 70s, according to new data published to coincide with Financial Planning Week.

Adviser tech provider Twenty7tec took its findings from anonymised data from more than 900,000 client records held on its FINPLAN Wealth practice management system.

James Tucker, chief executive of Twenty7tec, says: "Financial Planning Week helps to raise awareness of finances and debunk myths; it’s helpful for people to see the average pension value by age group, as you might expect people in their 20s to have a lower pension value and a higher ISA value.

"Our working assumption is that people start to draw on their pensions at age 55, as they're entitled to, which is why they peak around the age of 54-55. As the population ages, we'd expect this figure to drift to slightly older as a peak over the course of the next decade.”

He said there are two phases of life where the values of people’s ISAs outstrip the value of their pension pots: in their 20s, when most people are just starting saving, and in their 90s, when most people have long been drawing on their pensions.

The findings showed the average pension savings for various age groups is:

• Ages 20-29 have £21,995
• Ages 30-39 have £45,520
• Ages 40-49 have £105,115
• Ages 50-59 have £223,881
• Ages 60-69 have £223,441
• Ages 70-79 have £175,421

Meanwhile the average ISA is: 

• Ages 20-29 have £25,373
• Ages 30-39 have £26,674
• Ages 40-49 have £59,212
• Ages 50-59 have £72,906
• Ages 60-69 have £91,960
• Ages 70-79 have £109,515

Twenty7tec also found that individuals working in fashion had on average the highest average ISA savings with £300,000. Professional landlords had £177,000 while chemists had £142,000.

When it comes to the average pension value, chemists had the highest level of individual pension savings with £464,000, followed by armed forces with £356,000 and C-suite executives with £338,000.

James Tucker said: “People may automatically think that C-suite execs would lead on having an effective and highly valuable retirement plan in place, funded by both ISA and pension savings. Our data however, shows that people in other professions may be more conscious of the need for effective retirement planning.”

Financial Planning Week 2024, the CISI’s annual consumer-focused campaign to promote the benefits of professional financial advice, runs until Friday. 

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