Action needed to tackle Britain’s £74bn savings shortfall, warns think tank
by Vicky Shaw
Feb 12, 2024
4 minutes
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People should be able to “borrow” money out of their pension pot to cope with pre-retirement financial challenges, a think tank has suggested.
Making pension pots more accessible during people’s working lives would help them to cope with big life events or difficult circumstances, the Resolution Foundation said.
Britain has a £74 billion savings shortfall, versus a country in which every working age family has at least three months’ income in precautionary savings, according to the Foundation.
One in three families in the country have less than £1,000 in savings - which left many people exposed during the
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