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Execs fear policies are putting off people from saving

The ABI’s latest senior executive survey warns that there is continuing concern that the Government’s economic and fiscal polices are deterring people from saving.

The quarterly ABI/Populus survey of the insurance industry finds that 37 per cent believe Government policy initiatives are having a negative effect on the savings market and only 8 per cent say they are having a positive effect.

The net score is 29 per cent, 17 per cent lower than last July’s findings. Since then, there have been U-turns on alternatively secured pensions and pension term assurance.

But the survey also shows that 48 per cent believe the savings climate has improved over the last six months, up from 42 per cent in the last survey.

Sixty per cent say the Isa reforms will make the vehicle more attractive to savers while 89 per cent believe the overall Isa limit should be increased.

Director general Stephen Haddrill says: “Reforms to the pension and savings system, including the recent Isa changes, present good opportunities for savers this year. But other policies are seen to be damaging levels of long-term saving. We need to see a consistent commitment to boost saving across all policy areas.”

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