Call To Transform Savings Culture

• News
• Published: 14 Jul 2010 in Money and Savings

The financial crisis has given the government a "golden opportunity" to transform the UK's savings culture, an insurance trade body has said. 

About 40% of workers do not put enough aside to guarantee them a comfortable retirement, figures show, with many people having little or no pension pot. 

However the Association of British Insurers said the banking crisis has driven home to consumers the dangers of debt and the importance of regular saving.  

The body is calling for the speedy introduction of auto-enrolment into company pensions in 2012, simplified advice on pension saving for consumers, and measures to make it as easy as possible for employers to enrol staff into schemes. 

Maggie Craig, the ABI's director of life and savings, said: "We all know that many people in the UK are not saving enough towards their retirement. Now is the time for action to tackle under-saving rather than further analysis of the problem. 

"It is vital that the Government communicates honestly with people, explaining exactly why people need to save more and giving individuals a target to aim for."