00:00 The Resolution Foundation has issued a warning as part of a report that found that fewer
00:07 than half of working age households have savings worth three months of income, with 11 million
00:12 Britons having less than £1,000 set aside for emergencies.
00:16 They say that due to the cost of living crisis, households are now facing a triple savings
00:19 challenge of insufficient savings, an inability to cope financially with major life events
00:24 such as family breakdown and inadequate retirement incomes.
00:28 The report estimated a total deficit in savings for the UK of a whopping £74 billion.
00:35 Molly Broome, an economist at the Resolution Foundation, said "We can address all three
00:39 challenges by building on the success of pensions auto-enrolment to opt more people into both
00:44 easy access and long-term saving.
00:46 We should also offer people more flexibility over their pension pots, as other countries
00:50 do, in order to help them with difficult circumstances.
00:53 These reforms will improve families' financial resilience during their working lives and
00:56 into retirement too."
00:58 [BLANK_AUDIO]
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