Page 24 - Savings Psyche
P. 24

The way forward
Helping Britain to save again

The savings psyche of the UK demonstrates that               The future of pensions and savings provision is flexibility
the ways people want to save, and what they want             and a tailored personal savings experience, offered by
to save for, are worryingly out of sync with what            employers that actively provide simple information and
they are currently doing and limited employer                relevant guidance on savings and pensions.
offerings are exacerbating this problem. The result
is a decision-making paralysis that means that               This approach will give early adopter employers a huge
potentially millions of British workers are saving           advantage in the employment market, with a new reputation
too little, or nothing at all.                               for taking a genuine interest in their employees’ financial
                                                             well-being. At the same time, it will address the impact of
To bring savings back in line with the financial priorities  decision-making paralysis on saving, close the savings
of the UK workforce, employers need to rethink               shortfall and give employees a modern workplace savings
their workplace savings packages and how they are            offer that they can use according to where they are in life,
communicated, recognising that one size will never fit all.  whether that is preparing for retirement, preparing for a first
                                                             home or building up accessible short-, medium- and long-term
                                                             savings.

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