The Association of British Insurers (ABI) has launched an initiative to encourage more responsible attitudes towards money by people in order to help them better protect their finances and steer clear of falling into too much debt.
Stephen Haddrill, director general of the ABI, remarked that recent research from the organisation showed more than 40 per cent of people are saving too little or nothing at all in preparation for retirement.
“The vast majority of the UK’s population has little or no protection in place to help them cope with unemployment or other unexpected financial shocks,” he went on, adding that the ABI Savings Manifesto aims to help establish a more financially cautious culture earlier in people’s lives.
Ideas such as how to supplement pensions and savings, as well as information on protection insurance is included in the document.
The move from the ABI comes after a report by Simplyhealth, which indicated that Brits are regretting not being more careful, with 36 per cent admitting to being unhappy with how they managed their money in the past.
By Sarah Adie