IFA RJ Temple has thrown some interesting research into the debate on how to close the savings gap t...
IFA RJ Temple has thrown some interesting research into the debate on how to close the savings gap to fund the future of British pensions after a survey it commissioned showed that consumers overwhelmingly wanted tax concessions in return for increasing their savings pots.
Fully a third of those questioned said they would save more if they could be sure of not paying tax on their pensions when it came time to draw on them and that this rose to more than 40% in the 45-54 age group.
More than one in five consumers said they would save more if tax relief was given on pensions investments.
On a further positive note, the survey also found that nearly a third of the 15-24 age group said they wanted to get advice on where to invest, indicating that demand for financial advice will remain strong moving forward, whatever the changes brought about by the de-polarisation proposals.
Poorly performing stock markets and compulsory annuities purchases actually scored extremely poorly as factors taken into consideration when deciding how much to save.
RJ Temple says this indicates the government must be prepared to consider further moves on taxation if it is to persuade consumers to close the savings gap.
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