As a charity, we feel the Banks need to encourage saving by making it easier – for example, by giving an option to set up a standing order to make regular payments to a savings account.
Further recommendations outlined in our response to the British Bankers Association consultation on the future of saving, include developing a single product that could include someone’s entire savings, whether for retirement, a rainy day, or a specific goal. This would make the benefit to saving more obvious as savings wouldn’t be split across several accounts.
An auto-enrolment saving scheme, similar to auto-enrolment in pensions, could also improve levels of saving.
The Government can also include saving elements in Universal Credit and debt repayment plans to make sure all sections of society have the opportunity to save.
Government must also make sure all children are given the chance to learn about the importance of saving through financial education in every school.
To read our full response, please click here