Cycling to work the other morning up London’s King’s Road, I couldn’t help but notice how the streets had been transformed. Chelsea was awash with flowers in preparation for the Chelsea Flower Show and, as if perfectly staged, gardening expert Monty Don strolled through Sloane Square – no doubt en route to the event.

It struck me how beautiful everything looks in full bloom – but, as any allotment holder knows, that beauty doesn’t come easy. You’ve got to put in the hard work: sowing, watering, weeding and waiting patiently before you reap the rewards.

That’s exactly how I think about pensions.

The chart below, which uses figures from independent research by the University of Loughborough for the Pensions and Lifetime Savings Association, shows how much a single person and a couple might need to spend in retirement to achieve three different standards of living in the UK.

Just to provide more of a breakdown of what these different levels of spending would mean for a couple:

The ‘minimum’ lifestyle covers basic needs, but without a car and with one week’s holiday a year in the UK. It includes around £95 a week to spend on groceries and £20 a week for eating out and takeaways.

The ‘moderate’ lifestyle provides more financial security, with a small three-year-old car replaced every seven years and a two-week holiday each year in the Mediterranean. It includes around £100 a week to spend on groceries and £80 a week for eating out and takeaways. It also includes £100 a month to take others out for a meal.

The ‘comfortable’ lifestyle provides greater financial freedom and some spending on luxuries, together with a small three-year-old car replaced every five years. This level of spending would cover an annual two-week four-star holiday in the Mediterranean and three long-weekend breaks in the UK. It includes around £130 a week to spend on groceries, £110 a week for eating out and takeaways and £100 a month to take others out for a meal.

I bring my four-year-old daughter down to the allotment with me to help water the plants – it’s part bonding time, part life lesson. I think a parallel between gardening and investing is too important to ignore, what you nurture today determines what you harvest tomorrow.

Key takeaway

Many of my fellow allotmenteers – and indeed the majority of the Chelsea Flower Show crowd — are in, or approaching, retirement. And if there’s one thing I’ve learned, it’s that starting early makes all the difference. This is why I’m proud to be planting the seeds of financial education with my kids, even at this young age.

That’s because like in gardening, the earlier you start investing, the more likely you are to enjoy the full bloom of a comfortable retirement.

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This article is provided for general information purposes only and should not be construed as personal financial advice to invest in any fund or product. These are the investment manager’s views at the time of writing and should not be construed as investment advice. The opinions expressed are correct at time of writing and may be subject to change. Capital is at risk. The value and income from investments can go down as well as up and are not guaranteed. An investor may get back significantly less than they invest. Past performance is not a reliable indicator of current or future performance and should not be the sole factor considered when selecting funds.