The Government should help the public to save more by increasing ISA limits and bringing forward its plans for pensions auto-enrolment, says the Association of British Insurers (ABI).
A survey, commissioned by the ABI, suggests more than 50% of British consumers are planning to save more money for the future due to the difficult economic climate.
However, the ABI says the Government is not doing enough to help, and could rapidly boost savings uptake with a few simple measures.
Stephen Haddrill, director general of the ABI, says: "Right now, nearly five million employees could be benefiting from free money into their workplace pension from their employer and the Government.
"Auto-enrolment would ensure that those people, and many future employees, can start building up decent pension savings for a comfortable retirement."
The ABI's research found 47% of Britons have made a New Year's resolution to save more for their retirement, while 51% say they are more likely to save because of the economic downturn.
Haddrill says the Government should increase ISA limits to £10,800 a year from April to give further incentives to save.
Contact: John Bakie, Tel: 020 7484 9805, e-mail: [email protected]IFAonline
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