As a charity that helps many people experiencing financial hardship, including many pensioners, we read with interest the new report from HSBC on the current generation of Britons making little provision for their retirement.
For the thousands of people existing on low incomes, who are faced with soaring inflation, below inflation pay rises, spending cuts, and an impending interest rate hike, long term saving for retirement is simply not an option.
Huge numbers of families are currently struggling to survive in an economic environment which is sown with deep uncertainty over redundancy, and serious concerns over the cost of living.
For the majority living on low incomes in the UK, making provision for their future is out of the question given all they are contending with on a daily basis, simply to continue surviving.
We would wish to see the banks target their resources more on financial literacy for those that need it, alongside more tangible support programmes for those in financial need, rather than the publication of more headline grabbing predictions.
Pointing out the facts is one thing, but the charitable sector cannot be left to bear the burden alone when it comes to helping people.
It is time the banking sector stepped forward to shoulder its share of the responsibility for overcoming the issues that too many people face.
Bryan Clover, Director of Elizabeth Finn Grants, Hythe House, 200 Shepherd’s Bush Road, London W6 7NL