The new personal accounts pension system is vital to encourage a long-term savings culture in the UK, one expert has suggested.
John Howard, chairman of the Financial Services Consumer Panel, said that people will have more control over their long-term savings, but this will require additional assistance with regards to sound financial advice .
"Personal accounts will give people more responsibility for their long-term savings, so they will need advice and support to understand the decisions they will be making," he said.
The expert was commented in the wake of the Thoresen Review, which has highlighted the importance of providing generic financial advice to individuals.
According to Mr Howard, the provision of solid financial advice cannot be overstated and it is a "crucial piece of the jigsaw" when considering how to provide Britons with solid financial advice.
Personal accounts, which Mr Howard highlighted as being so crucial as they provide control over one's long-term savings, were introduced by the government as part of a major shake-up of the pensions system .
Other measures brought in will see the retirement age raised to 68.
Personal accounts will boost savings, expert claims
Personal accounts will boost savings, expert claims
Tue, 23 Oct 2007
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