'More needs to be done' to encourage people to save in a tax efficient way - Saga

Lisa Harris from retirement specialist Saga, commented: "As a society we should be celebrating the fact that we have an aging population but we need to make sure that people start to think about planning for their financial future much earlier. Many employers are already evolving to meet this challenge by adapting their working practices to allow people to continue in employment for longer and put more aside to fund retirement.

“However an ageing population does not come without issues and the one on everybody's lips is the emerging care crisis and its impact on our NHS. Whilst many people are staying healthy and independent for much longer, it is also true that there is an increasing number that need support in later life. Our research has shown that nine in ten people would want to receive care in their own home if it were needed, however further cuts to local authority budgets has meant that this ideal is becoming much harder for individuals and their families to achieve. More needs to be done to encourage people to save for the future in a tax efficient way, whether that is for their retirement income or their care needs."