We in Britain are not saving enough to protect our financial futures – and there are common reasons why. For many, locking away cash in a pension when they may need it sooner for a financial emergency, or as a deposit to getting onto the housing ladder, prevents greater levels of savings.
However, it is often the case that they are considered separately. The truth is that these issues are interlinked and we cannot recommend changes to the way we save for retirement, without properly considering how this fits into the context of the wider financial challenges that households face.
In this report, we set out a series of potential policy changes, which, if implemented as a package, could make a significant difference. We hope this paper will be a catalyst for a wider national debate and we are committed to playing our part.