Research by the Joseph Rowntree Foundation into saving for later life identified several policy proposals that the majority of survey respondents supported. Two that caught my eye were:
- Redistribute tax relief so that those on lower earnings receive a greater contribution from the government while those on higher earnings receive a more modest one.
- There is enthusiasm for working longer, i.e. beyond the current retirement age, if opportunities for flexible and part-time work were available, along with options to retrain or upskill.
We know the older age groups in the population are growing in number, so financially preparing for a longer life is essential, yet extremely difficult. Younger generations are trying to save for a home and simply make ends meet for their families, so creative thinking and approaches are vitally important to this long-term work.