Most people on lower incomes save, but often only sporadically, informally and in small amounts. This presentation explores why people on lower incomes save, why they often do not do so formally and the meanings of 'saving' and the language people use. It considers three principles that could help encourage greater rates of saving among lower income groups: the importance of self-efficacy; the use of effective messages and messengers; and the application of more targeted mechanisms to facilitate saving.
|Number of pages||14|
|Publication status||Unpublished - 3 May 2013|
|Event||Actuarial Profession's Consumer Information Working Party and Department of Work and Pensions Rules of Thumb workshop - London, United Kingdom|
Duration: 3 May 2013 → 3 May 2013
|Workshop||Actuarial Profession's Consumer Information Working Party and Department of Work and Pensions Rules of Thumb workshop|
|Period||3/05/13 → 3/05/13|
- low income