TSIP responds to StepChange report
Commenting on the report from StepChange, Tony Stenning, Chairman of The Savings and Investments Policy project (TSIP) and Head of UK Retail at BlackRock said:
“The findings from StepChange highlight how important it is that we create a culture where it is as easy to save as it is to get into debt. Fifty years ago, the UK was a nation that saved for what it wanted. Since then there has been a seismic shift in attitudes where living for today has taken priority over providing for tomorrow. Unless we break this cycle society is rapidly approaching a tipping point, around 2035, where a generation will retire worse off than the previous one – a phenomenon not seen since the creation of the welfare state almost 100 years ago. This has to change which is why the financial services industry has come together with consumer bodies under this TSIP grouping to develop strategic proposals for new savings and investments policies which we hope will make saving easier and help rebuild consumer confidence and trust in long term savings.
“Our latest analysis shows that almost one fifth (19%) of Brits do not save, whilst around one-in-ten (11%) just set money aside at home – under the mattress or in a money box. The figures from StepChange show that even a relatively modest sum will save hundreds of thousands from debt.
“Whilst we have to acknowledge that it will take time to turn the debt “tanker “around, our research confirms that people could be encouraged to save if the right incentives were in place. For instance, a quarter of people would start saving if they were offered an explicit financial incentive to do so. It is time that this issue was taken seriously and consideration was given to transformative policies.”
*The Savings and Investments Policy project is working with a wide range of financial service companies, trade bodies and consumer groups to develop these pan-industry proposals. It is directed by an Executive Committee formed of 16 leading financial services companies including Aviva, AXA Wealth, BNY Mellon, BlackRock, Ernst Young, Henderson, J.P. Morgan Asset Management, L&G, Lloyds Banking, Nationwide, Northern Trust, Old Mutual, the international law firm, Pinsent Masons, RBS, Threadneedle Investments and TISA.
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For further information, please contact:
TISA’s Savings and Investments Policy project
Tony Stenning – Tel: +44 20 7743 2922, Mobile: +44 7841 220 365
Issued on behalf of TISA by Newgate CommunicationsAlistair Kellie – Telephone: 0207 680 6558/Email Alistair.Kellie@newgatecomms.comDeborah Saw – Telephone: 0207 680 6552/Email Deborah.Saw@newgatecomms.com
Notes for Editors
TISA is a not-for-profit membership association operating within the financial services industry. We represent the interests of over 145 member firms involved in the supply and distribution of savings and investment products and services.
TISA has a highly successful track record in working cooperatively with government, regulators, HMT, DWP and HMRC to improve the performance of the industry and the outcomes for consumers. Policy and regulation continues to be the major focus for our members with regard to corporate responsibility.
TISA and its members’ remit is evolving into a clearer focus on pro-active consultation in the regulatory world in order to influence policy and associated regulation before its creation, rather than reacting to issued policy directives. This will help to ensure a more considered policy creation from the authorities. Website: www.tisa.uk.com