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Household finances: income, saving and debt Contents

Contents

Introduction

1 Background

A slowdown in household income growth

The “new normal”: productivity and interest rates

Trends in inter-generational wealth and home ownership

Conclusion

2 Overall levels of household saving and debt

The flow of income into savings (the household saving ratio)

Overall levels of household debt

The balance of responsibility between regulators and Government

3 Helping over-indebted households

The scale and incidence of over-indebtedness

Non-credit debts, and arrears to government and local authorities

Remedies: Regulating high-cost credit

Remedies: easing the burden of over-indebtedness

Remedies: improving the availability of lower-cost credit

4 Saving for a rainy day

Incentivising cash saving

“Sidecar” savings

5 Saving for retirement

The UK savings gap

Tax relief on pensions

The Lifetime ISA

Increasing savings under automatic enrolment—auto-escalation and self-employment

The state pension triple lock

6 Planning for retirement after pension freedoms

Advice, guidance and consumer engagement

Default options and consumer protection

Annuities and longevity risk

7 Conclusions and recommendations

Formal minutes

Witnesses

Published written evidence

List of Reports from the Committee during the current Parliament




Published: 26 July 2018