‘The State of the Nation’s Saving,’ is the first of a new quarterly index, conducted by YouGov on behalf of the ABI. It is designed to shed light on, and regularly monitor, savings behaviour in the UK and is being launched at the ABI’s annual Saver Summit.
The report highlights that many are bewildered and confused about the choices that face them. There is very little faith in the Government as a provider of pensions and people are discouraged by the system of means-testing which is already affecting the many rather than the few. The lack of a clear message that it pays to save and of incentives to encourage saving, means that too many are doing nothing.
Commenting on the findings, Joanne Segars, Head of Pensions and Savings at the ABI said:
"For the first time we are able to assess the scale of the savings gap in human terms. This report identifies the factors that underlie low saving levels, enabling us to address the issues in practical terms.
"Our survey paints a compelling picture of people who want to take responsibility for their retirement but are worried and uncertain about how to do so. We need to create a framework that informs, encourages and enables people to make decisions and take ownership. It is clear we have some way to go."
The ABI’s Pensions Manifesto outlines 10 policy steps the Government should take in order to avoid a full-scale pensions crisis.
