It has been said that:

Saving a small amount of money regularly from when you start work will leave you better off than saving a bigger amount in later life.

Saving is not wasting – it earns interest for the old days. This is how savings accounts work!

The lump sum grows from interest being added every year or every month.

The example shows that for Dave who left it rather late, despite of saving the same amount (£48,000) but during a shorter period, the interest rate is then proportional.

But it is worth remembering that pensions usually depend on the success of investments which, unlike savings, do not guarantee a set level of interest.