The Government, which is set to outline its legislative programme for the next five years, has been encouraged to help consumers become more financially independent.
The call has come from the Tax Incentivised Savings Association, which has written to the Chancellor, recommending the creation of a Savings Minister.
They would be responsible for developing and implementing a coordinated savings policy across all Government departments.
Part of the role would be to support and encourage the development of a TISA digital passport initiative, aimed at giving consumers greater control over their savings and to make it easier to buy and transfer financial products.
TISA also recommended the following policies:
- Introduction of a Workplace ISA, to sit alongside the existing workplace pension savings schemes to provide greater choice for savers through a product that is simple and trusted.
- Pension rules to be simplified and made easier to understand. This would include scrapping the lifetime limit and replacing it with an annual allowance, introducing Automated Transfers to eliminate the proliferation of small pensions pots that auto-enrolment would otherwise bring, and to drive up auto-enrolment pension contributions to reach 15%.
- Improvement in access to financial guidance and education for all – TISA said this was critical to reversing the UK's culture of consumption.
David Dalton-Brown, director general of TISA, said while it was encouraged by the changes around pensions and ISAs there was "still a long way to go".
He said: "We are determined to continue to play our part in transforming society from one of consumption and debt, to a culture of prudent savings and financial planning."
TISA has created The Savings and Investment Policy project which recently published a detailed report entitled Saving Our Financial Future.
Mr Dalton-Brown said: "We believe our recommendations will build on the recent reforms and help to create a manifesto for savings for this Parliament.
"There is an opportunity for Government and the entire financial services industry to work more closely together to secure the financial wellbeing of future generations. It is the responsibility of financial service firms, with the support of government to encourage consumers to save and focus on rebuilding confidence and trust in saving and investing."
"Narrowing the savings gap is crucial to ensuring national economic growth, stability and prosperity. Saving benefits everyone and is of critical economic and social importance."