The Tax Incentived Savings Association has come up with seven ways to turn the tide on the nation’s savings habit, which will be unveiled at the start of 2015.
At today’s (12 November) Tisa conference, Tony Stenning, chairman of Tisa’s savings and investment policy project, revealed he will announce plans to “make saving as easy as pressing the big red button to get into debt” next year.
The proposals come after a Tisa report published earlier this year explained the state of the average person’s finances and called for measures to get the nation saving again rather than falling into debt.
Mr Stenning, who is also head of UK retail at BlackRock, said following the Tisa review he received 90 different ideas from the industry to turn the tide on savings.
He said these ideas have now been drilled down to seven themes and aims following “daily engagement” with MPs, HM Treasury and the Financial Conduct Authority.
Pension and savings providers gathered at the Tisa conference in London this afternoon (12 November) were told the proposals would incorporate guidance, education and tax incentives for the nation to spend less and save more.
Mr Stenning failed to deliver any finer details of the measures except to admit one of the aims, which was to allow pensions to be passed down through the generations, had already been delivered by the coalition government.
He said: “You have two years working for every one year in retirement and that is a massive problem. 2035 is the tipping point when that generation will retire worse off than their parents.
“Can we nudge them just to change their trajectory in a certain way to make a huge difference to where their golf ball lands? We have 20 years. It is not too late. We need to help them on that journey.”
emma.hughes@ft.com
