Wider share ownership will narrow savings gap: Simply
Wider share ownership must be encouraged if the national savings gap is to be addressed, according to Stephen Pinner, chairman of online stockbroker Simply Stockbroking.
Mr Pinner also urged the next government to abolish stamp duty, increase the Isa limit and raise the capital gains tax threshold, as some of his proposed recommendations.
He said: "People in the UK are simply not saving sufficient money to provide themselves with long-term financial security. The incentives to save and invest have been diminishing over the past few years.
"Those that have tried to financially prepare for their future have been confronted with the collapse of interest rates and increased tax burdens. If this goes on, a whole generation could reach retirement with insufficient savings to provide for themselves and the long-term impact on public finances simply does not bear thinking about."
Mr Pinner said with interest rates at an all time low, stock market investment has a lot to offer.
He said: "Recent events have proved that investment can be volatile, but it still offers one of the best means to build up wealth in the long-term.”
"We urge the country's politicians to take our ideas on board for the good of the nation."
Keith Churchouse, director of Surrey-based Churchouse Financial Planning, said: "I wholeheartedly agree that there is a huge savings gap.
"However it is romantic to imagine that a future government will be able to allow a significant increase in CGT allowances, as the government has no money."
