Standard Life Assurance sets out 4 point SAVE plan

Trevor Matthews, Chief Executive, Standard Life Assurance Limited, spoke today at the Fifth ABI Saver Summit - Thinking for Tomorrow - in London and set out a four point plan to change the UK from a culture of borrowing to a financially capable society of savers.

In his speech Mr Matthews urged the adoption of a SAVE philosophy in the UK:

Simplify
Add value
Value savings
Educate

Mr Matthews commented, “The savings gap in the UK is still of great concern, with only 58% of the population saving according to the latest findings from the Standard Life Savings & Investment Index. Through Simplification of regulation and products, Added value through new models of distribution, promoting the Value of savings as a concept and the Education of all ages and sectors of the community, I hope that we can tilt the balance away from debt back towards savings in the UK.”

Trevor Matthews continued, “The UK has the highest personal debt levels in Europe and for this to change we must make it as easy for people to save as it is for them to borrow. In addition, I hope there will soon be a cultural shift in the UK and that people will save to buy rather than borrow to buy. For this to happen savings have to be seen as the new “must have”, like a gym membership or an ipod.”