AGEUK: The Government must encourage savings

A report by the organisation found that 40% of people are not putting aside enough money for when they quit work, prompting fears that millions could face a life on the breadline in the near future.

But the ABI said that with the financial crisis making people more debt averse, the coalition was uniquely placed to promote good saving habits.

The group urged the Government to be frank with the population, calling for simplified pensions advice and the eradication of delays in the introduction of auto-enrolment into company schemes in 2012.

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