The government is not doing enough to ensure there is a savings culture in the UK, it has been claimed.
People who have failed to save a large amount of money for their retirement could see their income boosted by a lifetime mortgage, which can provide homeowners with a regular income taken from the value of their property assets.
Chris Cummings, director general of the Association of Independent Financial Advisors said despite a general consensus among MPs that saving is a "good thing", no one has set out exact plans on how to encourage it.
"Given the current economic challenges, we believe it is vital the new government acts decisively to restore a savings culture in the UK," he said.
"We must ensure that people have the knowledge and confidence to save for their financial future. Otherwise, as a society, we will all pay a heavy price."
Homeowners aged over 55 years who are curious about how much cash the value of their property could generate can find out by contacting Key Retirement Solutions for equity release advice.
Posted by Alison Stephenson 
