Encouraging a cultural shift towards savings, and promoting financial education will be key issues with which the new government must grapple, Liz Field has said.
The chief executive of the Wealth Management Association said: “There should be greater guidance, advice and education about financial services and products.
“Education needs to be aimed at both children and adults, so that retail investment in shares and other financial assets become as normal as purchasing property.”
The trade association, which represents 186 wealth management firms, called on the government to encourage long-term investment and promote the benefits of personal saving.
David Dalton-Brown, director general of Tisa, said that Tisa’s Savings and Investments Policy project – a coalition of 50 financial services firms, trade bodies and consumer groups – believed the new government must seize the opportunity to significantly improve people’s financial awareness and well-being.
Simon Torry, financial planner at Essex-based SRC Wealth Management, said: “Education is hugely important, but how it is delivered is key. Politics aside, re-election will deliver stability and continuity but the government should focus on the mass market – equalising tax relief to 30 per cent would help with this and encourage basic rate taxpayers to save.
“One concern is the continual change. Education is one thing, but if the goal is constantly moving it makes it more difficult.”