RBS and NatWest join industry project to encourage saving

RBS and NatWest join industry project to encourage saving

RBS and NatWest are supporting an industry-wide project which aims to change people’s attitudes to saving.

The Savings and Investment Policy project aims to encourage saving so older people enjoy a financially secure retirement

The Savings and Investment Policy project (TSIP) has published a review, ‘Our Financial Future’, which sets out how people in the UK are failing to save enough for day-to-day needs. The review says the problem will reach a tipping point in 2035 when those entering retirement will be increasingly less-well-off than earlier generations, and will face substantially reduced living standards for the rest of their lives.

TSIP believes there is a once in a generation opportunity to change people’s attitudes to saving and develop long-term policies to avert this looming social and economic crisis.

It wants to stimulate discussion and debate about the role saving plays in securing people’s financial future, and to underline how saving ensures growth, stability and prosperity for the UK as a whole.

TSIP will also develop strategic proposals for new savings and investments policies to help rebuild consumer confidence and trust in long term savings. Its findings, conclusions and recommendations will be used to work with Government, key political parties, consumer groups and regulators to present a consistent view.

This is the first time that the financial services industry has spoken with a single voice and worked with organisations that represent the consumers’ interests to create solutions that meet their needs and aspirations for the future. It highlights the significance of the issue and the belief that urgent action is required.

David Crawford, Head of Savings said: “Saving properly for the future is really important and we continue to work hard to ensure saving is as easy as possible for our customers. We’re proud to work alongside the Savings and Investment Policy project to help raise awareness of the importance of saving and to help ensure that our customers have safe and secure financial futures.

“At the end of 2013 our Instant Saver with Savings Goal Tool was awarded a 5* accreditation by the independent charity, the Fairbanking Foundation. On top of this, in February we committed to simplifying the rates and products that we offer customers.

“We’ve made great progress with this and we will continue to strive to be the best bank for our customers. I’d encourage anyone who wants to discuss their saving and investment options to come and speak to us in branch, over the phone or online.”



Latest news

Women and millennials help drive £17bn+ franchise sector to record levels

New research from NatWest and the British Franchise Association (bfa) highlights changes and profitability in the sector.

Winners announced for Skills & Opportunities Fund

52 winning organisations have been announced for round two of the 2018 Skills & Opportunities Fund.

RBS Multicultural Network meets Eric Holder, 82nd US Attorney General

Simon McNamara, RBS Chief Administrative Officer and Executive Sponsor of the RBS Multicultural Network, recently hosted an event in discussion with Eric Holder, the first black US Attorney General. They discussed career, ethnicity, diversity and even a little bit of politics. At the event, Eric Holder shared his wisdom and experience with attendees from the RBS Executive committee and RBS Multicultural Network. Simon McNamara blogs about his experience meeting Eric, a BAME role model, and why diversity is so important to RBS.

Set Tab for lightbox