How to become a millionaire by saving £1.71 a day!


Article by Phil

No, this is not one of those stories you see online promising the earth. This figure is based on the latest research from the Bowmore Group.

They looked at the compounding effects on savings and worked out that (using a 10% compounding formula) that an 18-year-old would build up a £1 million pension pot if they saved just £1.71 a day until their retirement at 68. Sounds unbelievable doesn’t it!

The rate of 10% is based on the performance of the markets over the last 100 years. 5% is a more usual rate to use in these calculations. At that rate you would need to increase your savings to £10 a day. So, you can see the impact of the compounding rate. The point of the research is to try to engage more young people into the value of saving for retirement. The later you start the more you have to pay. For example, if you start saving when you’d have to save an extra £1000 a year. If you left it until you were 38 to start saving it would cost you an extra £3,800 a year.

If you’re really lucky you could get someone to invest into your pension from birth, if you started off with a modest lump sum you might not even need to pay anything into a pension!

The earlier you start planning the better.


How Cash Flow Modelling for Your Savings Works

Christina Clegg Financial Planning Services explains how Cash Flow Modelling can help you plan for the future.

If you have any questions for our Pension Advisors please feel free to give us a call on 01282 614444 or drop us an e mail to

Awards and Accreditations

Pension Transfer Gold Standard
Financial Vulnerability Taskforce
VF 23
Vouched For 2022
Vouched For 2021
Vouched For 2020
Vouched For 2019
Vouched For 2018
Vouched For 2017
Vouched For 2016
Vouched For 2015
Vouched For 2014

We have always found Christina to be reliable and honest. We value her services because nothing is too much trouble and she is never too pushy.

Mr & Mrs P

Highly recommended to friends and relatives. Contacting Christina was the best thing we ever did. We wouldn’t be in the financial position that we are, without her.

Mr & Mrs L

We’ve only been clients for a couple of months, but we both feel that we have made the right decision. After first meeting Adele she put our minds at rest.

Mr & Mrs P