UK Money News
15th July 2008
Brits 'need encouragement to save'
People would be encouraged to save more if they were provided with a more thorough financial education and were given incentives to do so, a new study has claimed.
The new Scottish Widows Savings and Investments Report looked at peoples' attitudes to saving in a bid to find out why they are not putting more money aside.
Chief among its recommendations is that financial lessons should be "embedded into the national curriculum" to familiarise and educate children how best to manage their finances.
Also endorsed by the report was the introduction further government incentives along the lines of Child Trust Funds, which would encourage people on lower incomes to save.
Finally, Scottish Widows called for simplified savings products to be devised to enable them to be easier understood by consumers.
Gordon Greig, head of savings and investments at Scottish Widows, said: "The second Scottish Widows Savings and Investments Report demonstrates the need to understand people's attitudes to saving, and highlights what needs to be done to encourage the nation to save.
"People are finding it increasingly difficult to save. There are two main reasons for this - either lack of spare funds or the perception that products are too complicated."
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