What type of saver are you?

For some, money simply slips through their fingers – they've already spent the next pay check before it arrives. Others have set themselves the challenge of saving as much money as possible, and stick to it rigorously.

The Aegon Retirement Readiness Survey has identified five types of savers, varying from non-savers to habitual savers. These types are based on the Aegon Retirement Readiness Index (ARRI), which shows that how prepared you are for retirement largely depends on your savings habits. Habitual savers are more likely to achieve a higher ARRI score than other types of savers – in fact seven times more likely than their non-saver counterparts.

What type of saver are you? Once you know what type you are, it's easier to figure out what you can work on to make sure that you save more money for your retirement. What aspects and habits from the habitual savers can you incorporate into your life to make sure you save that little bit extra each month?

Habitual savers (38%)

Benefits of habitual saving infographicThe habitual saver always makes sure s/he is saving for retirement. These are the people that usually have a written plan; they are positive about retirement, say that they are in excellent or good health, and feel confident that they will retire in a lifestyle that they consider comfortable.\

Occasional savers (23%)

Occasional savers – as the name already suggests – save for retirement from time to time. They have put some thought into getting retirement ready, but they have yet to make it a regular habit. This is already a great start, but it's important to try to make a habit out of it. The more regularly you set money aside towards your retirement, the less likely you are to splurge impulsively on something you don't really need.

Past savers (12%)

The past saver is not currently saving for retirement, but has saved in the past. If you have saved in the past, but are not doing so at the moment, something may have changed in your job situation or personal life. Try to figure out what change has made you stop saving, and see what you could change to get back on track. Remember: even saving a small amount each month helps!

Aspiring savers (21%)

The aspirational saver is not saving for retirement at the moment, although s/he intends to. They know it's important to save money for retirement, but maybe don't know where to start or how to make a financial plan. If you intend to save for your retirement, it can help to seek advice from a financial consultant. They will help explain your options, what to expect from the government, your employer, and your personal savings. They can also help you make a plan to get started as a habitual saver.

Non-savers (6%)

The non-saver has never saved for retirement, and doesn't intend to do so either. Non-savers have the lowest ARRI score, which means that people in this category are the least ready for their retirement. As governments are limiting the values of future state pensions, this is quite worrisome.

Try to assess your reason for not intending to save for your retirement. Perhaps you don't want to spend any time on this or you find it too complicated to figure out. There are many sources of free information that can help you to start saving.