A large proportion of Brits are either saving ‘far too little’ or ‘nothing at all’ for their retirement, according to the Association of British Insurers (ABI).

Speaking at a joint conference with the Institute for Public Policy Research (IPPR), ABI’s director general, Stephen Haddrill said that new research into people’s savings habits have revealed that 40 per cent of people are saving inadequately or not at all for their retirement, while the “vast majority of the UK’s population has little or no protection in place” to help them cope with unexpected financial expenses or unemployment.

Launching plans for a savings manifesto, the ABI is now encouraging people to save more and protect their finances.

“We need a culture of personal responsibility based on savings habits established early on in people’s lives,” Mr Haddrill commented.

Explaining the launch of ABI’s savings manifesto, Mr Haddrill said it will promote ideas such as early access to pension savings and having contribution structures that ‘auto-escalate’ with salary increases.  

“And we hope, through a further consumer publication today, People Need Financial Protection, to help individuals and families work out what insurance products are right for their needs,” he added.

© Fair Investment Company Ltd