The government may need to compel people to undertake long-term savings because it cannot afford to support those who do not save adequately on their own, a think-tank report says.
The Social Market Foundation, an independent group, has launched a report on national savings policy, Jam Tomorrow, which looks at what policy options could emerge over the next 20 years for the UK. "The unprecedented long-term pressure on the public finances will mean that governments will not be able to afford the consequences of the current chronic under-saving of UK households," Nigel Keohane, deputy director of the SMF and author of the report told the Financial Times. Rising longevity at older ages has greatly increased the cost of state-financed pension provision and social car...
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