Can workplaces help close the savings gap?
It is widely believed that there is a savings gap in the UK, with research by consultancy Deloitte estimating that the deficit could reach £350bn by 2050. Despite valiant attempts by successive governments to make pensions simpler through a number of mechanisms including auto-enrolment, pensions freedoms and the new state pension, the fact remains that people are not saving enough to guarantee a comfortable retirement. Without drastic action, this worrying trend looks set to continue. But could more be done in the workplace to help close the savings gap? To debate this topic further, MRM was joined by an expert panel to explore the role of providers, the Government and individuals in reversing the decline.