Savings tips for consumers offered by ABI

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Savings tips for consumers offered by ABI

The Association of British Insurers (ABI) has launched a Savings Manifesto to help consumers bump up their savings.

Information about pension saving, such as early automatic enrolment into workplace pensions and increases in pension contributions, is contained in the manifesto.

Research into consumer savings habits by the ABI prompted the move after it found that over 40 per cent of people are either saving too little or nothing at all towards their retirement.

Stephen Haddrill, director general of the ABI, commented: "We need a culture of personal responsibility based on savings habits established early on in people's lives."

As UK redundancy figures reached over 286,000 earlier this year, the ABI emphasised that the majority of UK workers had no financial protection against unemployment.

Speaking at a joint ABI and IPPR conference, Mr Haddrill announced that his organisation was also releasing a further consumer publication regarding insurance.

The document is designed to help both families and individuals decide which insurance products suit their requirements.

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