Gareth Tancred: This isn’t just a policy challenge – it’s a social imperative
The UK savings system is at a “tipping point” forcing too many people to choose between saving for retirement and meeting urgent needs like housing or emergencies, the Pensions Management Institute (PMI) says.
In a blog – published today (24 October) to mark one year since the PMI launched its Lifetime Savings Initiative – the professional body highlighted the UK's deepening savings crisis and the urgent need for reform.
The PMI also issued a challenge to policymakers and industry leaders to think more about financial resilience, housing access, and retirement adequacy.
The PMI said that, with "stark" data showing that one in four UK adults have low financial resilience – and only 36% feel on track for a comfortable retirement – there was a need for integrated savings products, contribution-smoothing mechanisms, and digital engagement tools that reflect real lives, not idealised journeys.
In the blog, PMI chief executive Gareth Tancred said: "The UK's savings system is at a tipping point. Millions are financially vulnerable, pension adequacy is deeply unequal, and too many people are forced to choose between saving for retirement and meeting urgent needs like housing or emergencies.
"This isn't just a policy challenge – it's a social imperative. No surprise then that the Pensions Commission has been revived, and why we're playing our part to move the dial by shining a light on the issues while helping to create a pipeline of new, qualified pension professionals."
