A senior source from the Association of Consulting Actuaries (ACA) has called for more education on the different savings accounts, and savings habits in young people.
Chairman of the firm, Stuart Southall spoke in after the seeing the Workplace Retirement Income commission, and called for much bolder policies.
Stuart called for a huge change to public thinking, dismissing the ‘live for today’ philosophy of many youngsters and encouraging them to put more money aside.
Mr Southall said: “We believe it to be essential to increase financial education, beginning in schools and ultimately spreading throughout the entire population.”
Southall thought that transferring savings between generations may help trigger a better saving attitude, and called for occupational pensions in the private sector to have greater significance.