A pan-industry project to encourage savings and tackle debt culture has been launched by the Tax Incentivised Savings Association (TISA).

The Savings and Investment Policy project (TSIP), a group of leaders from across the UK's financial services industry, has been established to encourage a savings-based culture where the process of savings is made easier and rewarded.

TSIP was set up after the pension freedoms were announced and intends to recommend further steps to not only encourage savings but tackle debt.

David Dalton-Brown, TISA director general, said: "We were very encouraged by the changes around pension freedoms and improvements to ISAs made under the last parliament and we think it is a healthy instinct to trust people with their own money, and to encourage them to save for the future, whether through a pension or other options, such as ISAs."

"However, there is still a long way to go and we are determined to continue to play our part in transforming society from one of consumption and debt, to a culture of prudent savings and financial planning," he added.

TSIP recently published a detailed report, 'Saving Our Financial Future', setting out strategic proposals for new savings and investments policies to help rebuild consumer confidence and trust in short, medium and long term savings.

The report highlights how fifty years ago, the UK was a nation that saved for what it wanted and led the world in levels of pension savings, but since then, there has been a seismic shift in cultural attitudes where living for today has taken priority over providing for tomorrow.

In addition to the establishment of TSIP, TISA has called for the Government to adopt a manifesto for savings to encourage and enable consumers to become more financially independent.

In its submission to the Chancellor, TISA recommends a number of key policies, including:

- Creating a savings minister role

- Introducing a Workplace ISA

- Simplifying pension rules so they are easier for people to understand

- Improving access to financial guidance and education for all

First published 28.05.2015

Lindsay.sharman@wilmingtonplc.com