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Government urged to create a 'healthier savings culture' Go compare with our comparison table

Government urged to create a 'healthier savings culture'

09 April 2010 / by Andy Davies

As the general election campaigning gathers pace, the next Government is being urged by Friends Provident to use its first 100 days in power to lay the foundations for a 'healthier savings culture' in the UK.

With the three political parties now battling it out for votes, Friends Provident is calling on the next government to remove the 'barriers to saving' and offer incentives to encourage more people to save, which it hopes will give people the 'freedom and confidence to become self-reliant'.

Launching its pensions and savings manifesto, the financial provider is encouraging the next Government to aim for 'less regulation and more simplification'.

Commenting, Trevor Matthews, CEO for Friends Provident believes the government has to act fast to "instil a culture" that will address savers' concerns as well providing the right amount of freedom and flexibility.

"We are calling on the new government to take some quick and decisive action that will make a real and positive difference to pensions and savings in the UK and will deliver the required confidence and freedom for people to make the most of their working lives and their retirement," he said.

In addition, Friends Provident wants the next government to make it simpler for employers to offer 'good quality' pensions to all their staff by implementing future policy that will reassure employers that the contributions they make towards their employees pensions will 'generate positive benefits for their company'.

"We have to enable employers to give advice/guidance to their employees on retirement saving within a regulatory "safe harbour" that stops them being paralysed by worries over legal actions," Mr Matthews added.

© Fair Investment Company Ltd