The TISA Savings and Investments Policy Project (TISP) this week released the findings of its initial review into the challenges faced by UK savers, warning of a looming consumer finance crisis unless industry and policy-makers take urgent action. The findings set out how UK households are failing to save enough for their day-to-day needs and that this will reach a tipping point in 2035 when those entering retirement will be increasingly less-well-off than earlier generations. Those aged 35 and under are likely to suffer the most as they are hit by rising house prices, less generous pensions and higher debts.

The changes announced in George Osborne’s recent Budget which offer greater freedom to pension savers are welcome. However, it’s the fundamental issue of people not saving enough money for their retirement which still needs to be addressed. In fact the review shows that 30% of all UK households have no savings at all and a further 20% have less than £1,500 to cope with an unexpected outgoing without going into debt. If the necessary steps aren’t taken soon, the UK faces severe challenges around provision for retirement, and a possible drop in standards of living as a result.

Over the course of the last few months, I have been a member of the Advisory Board for the TISP industry initiative. Coordinated by TISA, the project encompasses a wide range of financial services companies, trade bodies and consumer groups with the aim of developing pan-industry proposals to improve the financial wellbeing of UK citizens.

The project is due to report on these proposals in September. Further details are available on the project’s website: 

About the author

Eric Welsby

Global Head of Product and Strategy

Eric Welsby is the Global Head of Product and Strategy at Bravura Solutions. He is based in London and has over 20 years of experience within financial services. Eric leads our acquisition strategy and product roadmaps. He is responsible for aligning the Bravura product portfolio to existing and emerging customer needs within each of the global markets we serve. Eric has worked in the UK’s investment platform and fund supermarket sector since its inception, when he worked as a project manager to establish Cofunds in 2001. He has since held senior roles within operations, sales, consulting and project management. His most recent role, before re-joining Bravura, was Deputy Chief Executive at EQ Investors, the boutique wealth manager. Eric has worked across the financial adviser, investment platform and technology markets. This breadth of experience has enabled him to gather first-hand experience and insight into how Bravura’s clients rely on our technology to achieve their business goals.

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