The Savings and Investment Policy project(TSIP) has published a review, ‘Our Financial Future’, which sets out how people in the UK are failing to save enough for day-to-day needs. The review says the problem will reach a tipping point in 2035 when those entering retirement will be increasingly less-well-off than earlier generations, and will face substantially reduced living standards for the rest of their lives.
TSIP believes there is a once in a generation opportunity to change people’s attitudes to saving and develop long-term policies to avert this looming social and economic crisis.
It wants to stimulate discussion and debate about the role saving plays in securing people’s financial future, and to underline how saving ensures growth, stability and prosperity for the UK as a whole.
TSIP will also develop strategic proposals for new savings and investments policies to help rebuild consumer confidence and trust in long term savings. Its findings, conclusions and recommendations will be used to work with Government, key political parties, consumer groups and regulators to present a consistent view.
This is the first time that the financial services industry has spoken with a single voice and worked with organisations that represent the consumers’ interests to create solutions that meet their needs and aspirations for the future. It highlights the significance of the issue and the belief that urgent action is required.
David Crawford, Head of Savings said: “Saving properly for the future is really important and we continue to work hard to ensure saving is as easy as possible for our customers. We’re proud to work alongside the Savings and Investment Policy projectto help raise awareness of the importance of saving and to help ensure that our customers have safe and secure financial futures.
“At the end of 2013 our Instant Saver with Savings Goal Tool was awarded a 5* accreditation by the independent charity, the Fairbanking Foundation. On top of this, in February we committed to simplifying the rates and products that we offer customers.
“We’ve made great progress with this and we will continue to strive to be the best bank for our customers. I’d encourage anyone who wants to discuss their saving and investment options to come and speak to us in branch, over the phone or online.”