Access to independent financial advice is increasingly important if the public are to make the right savings decisions going forward, according to Liberal Democrat shadow chancellor Vince Cable.
Speaking at the launch of the Scottish Widows Savings and Investments Report, Cable said advisers and their clients need to "construct the argument for personal savings rather than taking it for granted." He pointed out circumstances where it would be wrong for someone to save, for instance if someone needed to repay debt or in the case of means testing. However, he conceded that "savings make sense given where we are as a country" given that the current level of savings is not sufficient to sustain the UK's ageing population and that the British economy offers more incentives to borrow ...
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