The PIA has published a report outlining its concerns that traditional products are not appropriate for low income groups.
The report called 'Savings and Low Income and Ethnic Minority Households' identifies life insurance policies and building society accounts as the main ways low-income groups save.
But it expresses fears that life policies, like endowments, are not appropriate products for them. It says many people are forced to cash in policies, leaving them with poor returns.
It also says such policies are usually sold rather than bought.
The report believes that much could be learnt from ethnic groups who tend to save more than their others on low incomes. It claims ethnic groups are much more likely to use informal mutual savings and insurance schemes rather than typical UK financial services.
The PIA says it wants to stimulate debate on provision of financial services for low income and ethnic minorities. It wants debate on whether friendly societies, the Post Office, building societies, credit unions or supermarkets are best placed to provide for them.