AIFA calls for incentives to save

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AIFA calls for incentives to save

Thu 12th Mar 2009

The Association of Independent Financial Advisers (AIFA) has called upon the government to introduce incentives aimed at persuading people to save in the next budget.

Chris Cummings, the association's director general, said that such incentives were needed to help break the UK's dependence on credit.

With the country's total personal debt now passing the £1.4 trillion mark, Mr Cummings said that measures which will persuade people to save money rather than buying items on credit are now "essential".

He added: "We would propose a review of tax incentivised savings regimes, an increase in ISA allowances and the encouragement of younger people to save for their future through the introduction of a Tax Free Savings account."

Alistair Darling, the chancellor of the Exchequer, is expected to announce the government's budget for 2009-10 on April 22nd.

The announcement, which usually takes place shortly before the beginning of the new tax year at the start of March, has been postponed, partly because of the G20 summit taking place in London on April 20th.

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