Finance groups warn against savings inertia
15/09/2006
The "unprecedented level of public interest in pension reform" must not lead to "inertia in savings", according to a letter in the Daily Telegraph.
Signed by the leaders of ten major financial services trade associations and charities, the letter will have reached the newspaper's millions of readers.
Highlighting the Save More Now campaign, which encourages people to start saving for their pensions before the government's reforms are introduced in 2012, the letter expresses the collective viewpoint of the financial industry.
Organisations that have put their names to the letter include the Association of British Insurers, the Confederation of British Industry and Age Concern.
Although each organisation has differing views on some aspects of the government's pension reforms, they all agree that people should start boosting their savings today.
The letter says: "Industry experts calculate that by delaying saving until 2012, a 25-year-old on typical earnings could see his or her pension pot at retirement reduced by more than £36,000 in real terms - almost 20 per cent of the total pot."
"A campaign has been launched called Save More Now to provide people with information on the choices they need to make and the saving they need to do to ensure that they will enjoy a comfortable retirement," it adds.
According to the latest Audit Bureau of Circulations figures, the Daily Telegraph has a circulation of 898,289 each day.
Signed by the leaders of ten major financial services trade associations and charities, the letter will have reached the newspaper's millions of readers.
Highlighting the Save More Now campaign, which encourages people to start saving for their pensions before the government's reforms are introduced in 2012, the letter expresses the collective viewpoint of the financial industry.
Organisations that have put their names to the letter include the Association of British Insurers, the Confederation of British Industry and Age Concern.
Although each organisation has differing views on some aspects of the government's pension reforms, they all agree that people should start boosting their savings today.
The letter says: "Industry experts calculate that by delaying saving until 2012, a 25-year-old on typical earnings could see his or her pension pot at retirement reduced by more than £36,000 in real terms - almost 20 per cent of the total pot."
"A campaign has been launched called Save More Now to provide people with information on the choices they need to make and the saving they need to do to ensure that they will enjoy a comfortable retirement," it adds.
According to the latest Audit Bureau of Circulations figures, the Daily Telegraph has a circulation of 898,289 each day.
