Britain has been engulfed by Olympic fever and I have been shouting at the television, willing the GB athletes on, with the best of them. And in that spirit, I'm going to tell you what we can learn about pension saving from the Olympics.
This seems like a tall order, I know, but there are lessons that can be learned from our sporty friends about perseverance and commitment that we can translate to our financial lives.

Lesson one: start early.

The greatest of our Olympians didn't just happen upon their talents in their 20s, these people have been spotted early. Double gold winner Mo Farah, who triumphed in both the 10,000m and 5,000m, was singled out at age 11 by his PE teacher who nurtured his talent.


The early you start flexing your pension muscle, the more successful you will become. Take the example of a 20-year-old and a 30-year-old who save exactly the same amount each month and both plan to retire at 65. The 20-year-old will have a pension pot worth 50% more than the 30-year-old in retirement.

This isn't just because they have saved for 10 years more, it is also to do with the wonders of compound interest, where interest is paid on the interest you accumulate. Described by Albert Einstein as the most powerful force in the world, it allows your saving to grow quickly.

Lesson two: make regular contributions

Olympic athletes don't have days when they don't feel like training – their schedules are regular and set in stone. Britain's greatest Olympian of all-time Sir Chris Hoy, who picked up two gold medals in London for the team sprint and keirin events, has a gruelling training schedule.

His regular daily routine consists of two hours in the gym, a one-hour recovery ride and then three hours in the velodrome. If Hoy didn't train regularly then he wouldn't be where he is today.

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Committing to a pensions contribution schedule is just as important if you want to ensure a decent retirement. Set up a direct debit so that the money comes out as soon as you receive your salary, that way you won't miss the money and will get used to squirrelling it away.

Lesson three: perseverance pays

The heptathlon event at the London Olympics would have been very different if gold medallist Jessica Ennis hadn't persevered after a foot injury ruled her out of the Beijing Olympics four years ago.

Her triumph this year is testament to her commitment to working through her problems.
You may think you can't afford to save for a pension but look at your budget and commit to saving even just a small amount for your future – it will pay dividends.

And if you follow all three rules, you will be set to win gold in old age.

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