Government attempts to boost savings

A new initiative has been launched by the government to help improve people's savings levels.

The programme, which has been developed through the Department of Work and Pensions (DWP), calls on non-profit organisation to encourage people to save.

Commenting on the scheme, pensions minister Stephen Timms said that it would provide an opportunity for organisations to make some proposals and possibly be allocated government funding to put them into practice.

"There are still many working people not saving for their future and we want to target hard to reach groups with the least retirement provision, for example the self-employed, women and young people," he said.

"Research shows many people have low levels of understanding when it comes to planning for their retirement. This initiative will provide them with accurate information from a new trusted, impartial source."

Ministers are currently looking at ways of extending good saving habits to new social groups, while raising the total number of people who are saving for the future.