LAUSR

Automatic enrolment into a savings account for people starting a new job A match-saving scheme devised to encourage and reward savings by those on low incomes Fresh incentives to increase the amount saved in occupational pensions for those on low and middle incomes Increased funding for debt advice and Credit Unions The creation of a new not-for-profit organisation to represent the interests of savers The Rt Revd David Urquhart , chairman of Commission, said: “The debt problem in this country is spiraling out of control. Pay day lenders are preying on some of the most vulnerable in society. The less well off used to save hard for things they wanted but today’s society puts everything on credit and serious problems occur when those loans have to be repaid. We need to persuade more people to save, even if it’s very small amounts and policy makers need to grasp the nettle to reverse the escalating debt crisis.”