ACA calls for pensions calculator education

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ACA calls for pensions calculator education

Tue 3rd May 2011

More education is needed by the British public to ensure that a strong savings culture is developed, a senior source from Association of Consulting Actuaries (ACA) has claimed.

Stuart Southall, chairman of the organisation, made his comments in response to the Workplace Retirement Income Commission, saying that bolder policies must be employed.

In his view, there is a need to change public thinking, so that putting money aside has a greater prominence alongside the more carefree approach of "living for today".

Mr Southall said: "We believe it to be essential to increase financial education, beginning in schools and ultimately spreading throughout the entire population."

He suggested inter-generational transfers of savings could help prompt more saving, while something must also be done about occupational pensions in the private sector.

Last month, the ACA head criticised the government for implying in its green paper on pensions that auto-enrolment will form part of its commitment to reinvigorate such contributions.

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