Savers need more gov't support: SOS

The group, which calls on politicians to help reverse Britain’s borrowing culture in favour of savers, was officially launched in Westminster this week comprising economists, entrepreneurs and a parish priest.

Almost half, 47 per cent, of British adults are looking to current or future governments to do more to incentivise saving, according to the group's report, while 79 per cent said there has been far too much encouragement to borrow over recent years.

The group is calling for tax breaks for long-term saving, protection for savers from extreme rate shocks and inflation, and an improved pension system.

Reverend John Strain, spokesman for Save Our Savers, said: "Saving for the future, prudently and wisely, is a crucial component of the common good.

"Savers have been far off the political radar for decades now, but the disregard for the plight of savers has shattered public trust in the policymakers.

"Anyone would think the government does not want people to provide for themselves, does not need enterprise built upon the nation’s savings, and would rather we all borrowed and spent our way into old age dependency.

"We have heard hardly a peep so far from any of the main parties in favour of savers, but as they gear up for the general election, every vote will count. Savers form a huge constituency, and this time it will be a powerful and vocal one too.

"One in eight people have told us they are keen to get actively involved in a campaign for savers. Together, we will be pressuring the parties and candidates to spell out their policies for supporting savers, and working with our saver members to hold them to account. The common good of savers can be a lifeline for the state."

Anna Sofat, director of London-based Addidi Wealth, said: "If you are looking at long-term financial health, then decent savings is absolutely essential. If you start early then that saving rate doesnt have to be horrendous."