MOBILE PAYMENTS
32
T he UK financial landscape has been transformed over the last few years . Widespread adoption of digital technology has enabled banks and other financial services providers to integrate themselves into our daily routine , with access to our savings possible through our smartphones at the touch of a screen . But , despite the ease with which people are able to access their finances , there is little evidence to suggest that the UK is doing enough to close the savings gap . Open Banking could make this challenge significantly more achievable .
Those toward the start of their careers can no longer rely on the safety net of the State Pension , and yet the data shows that people are still saving significantly less than needed . In 2017 , the Lifetime Savings Challenge Report 2017 , compiled by Close Brothers and the Pension and Lifetime Savings Association ( PLSA ), revealed that 33 % of UK employees were saving less than £ 50 a month , with one in five ( 20 %) not saving anything at all . The issue is one disproportionately faced by women , whose savings and pension pots are on average notably lower than their male counterparts . A recent report from the Pensions Policy Institute revealed that most damage to women ’ s pension wealth
NOVEMBER 2019