Brits planning on retiring abroad may need to start making money transfers to savings schemes well ahead of moving overseas, industry experts suggest.

A poll by financial analyst Morningstar recently revealed that over 80 per cent of people are not putting funds for their retirements, ifaonline.co.uk reports.

Further figures show that over 25 per cent of Brits decide to spend all of their wages rather than transfer a portion of them money to pension or investment products.

Alan Dick, certified financial planner from Forty Two Wealth Management, highlighted the need to scrutinise household budgets in order to allocate funds to savings accounts.

"The evidence of a very large savings gap in the UK suggests that people aren't as financially aware as they might think," he told the publication.

"If we all had a clear idea of how much our desired current and future lifestyle is likely to cost we would be able to make informed decisions about how much to save and when."

In other news, travel company Gap Year for Grown Ups recently stated that living overseas can improve the soft skills of Brits.

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By John Mills