The financial services industry needs to take steps to meet the challenge of encouraging more people to set money aside in savings, it has been claimed.
Otto Thoresen, chief executive of Aegon UK, has been given the task of improving financial management among the public by the government.
Speaking to the Daily Telegraph, Mr Thoresen said that the financial services industry needs to "step up" to help improve financial services within the UK.
"The biggest challenge for us long term is to engage with a younger generation of savers," he told the newspaper .
Savings products need to be easier to understand, he stated, claiming that the industry has not been focusing on consumer needs.
According to a recent report by National Savings and Investments, 20 per cent of Britain's savers believe they are "saveaholics", while 35 per cent said they feel "anxious" if they do not save as much as they hope to.
Calls for industry to "step up" to encourage savings
Calls for industry to "step up" to encourage savings
Mon, 22 Oct 2007
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