The saving gap in the UK is enormous. Research by True Potential shows that the difference between what an individual is on course to receive in retirement and what they would like is about £17,000 a year. The only way to close that gap is to make sure people see that they need a solution and also to make them want one, by showing the good that can be achieved.
Anything that helps reach that goal has our support and clarifying the language is a good starting point but there remains much work to do. After all, bad regulation to fix earlier bad regulation helps no one.
David Harrison is managing partner of True Potential
Key points
The advice gap has been a long time in the making.
We have yet to reach the tipping point in financial services where consumers are prepared to go it alone in large numbers.
Guidance services should be offered by product providers and no one else.
