The Lifetime Savings Initiative

Tackling the challenges faced by the typical UK citizen in their efforts to manage the day-to-day, whilst working to secure their financial future.

Our Mission Statement

To look across the entire UK savings system and identify actionable recommendations for industry and policy makers that solve key pinch points preventing people from being able to secure their financial future, and in doing so, create a more sustainable national lifetime savings model.​

The lifetime saving system is becoming increasingly strained…

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People's financial situations are worsening

11% of adults are in financial difficulty, a 33% increase from 2022. In addition, 67% of renters do not have enough savings set aside to cover 3 months’ worth of essential outgoings. (Source: FCA FLS 2023)

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Homeownership is becoming more unattainable

Over the last 20 years, homeownership in the UK has fallen from 71% to 64%, with younger age-groups experiencing the fastest declines. The average age for first time buyers is now 34 years old. (Source: ONS 2022)

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Under-saving for retirement is a generational issue

71% of 'baby boomer' households are predicted to reach the PLSA moderate retirement standard. This figure falls to only 3% of millennial households. (Source: The Peoples Pension 2022)

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People lack a financial buffer to weather shocks

24% of UK adults have less than £1,000 in savings. Recent studies show that having a £1,000 buffer cuts your chances of falling into debt by almost a half. (Source: FCA FLS 2022, StepChange 2017)

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Pension contribution rates need to double if renting during retirement

To cover rental costs during retirement, the median 22-year-old needs to save an extra 9% per annum into their pension (over their working life) compared to someone who will own their own home. (Source: Schroders 2022)

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Opportunity for greater returns is being missed

34% of savers keep most of their cash in a current account. Of adults with more than £10,000 in investible assets, the majority hold at least 75% in cash. (Source: Building Societies Association 2023, FCA FLS 2022)

Financial Resilience

People are struggling to meet their day-to-day needs and are increasingly unable to weather short-term financial shocks.

Pinch points:

  • Falling into financial difficulty and debt spirals
  • Growing dependency on credit
  • Difficulty building up ‘rainy day’ savings


Both upfront and ongoing housing costs, for renters and homeowners, are becoming an increasing financial strain.

Pinch points:

  • Buying a house is becoming unaffordable
  • Ongoing housing costs are a financial strain
  • Homeownership has a big impact in retirement

Long-Term Savings

There are increasing concerns that people are not accumulating enough wealth to enjoy a moderate standard of living during later life.

Pinch points:

  • People are struggling to navigate the current system
  • Savers are not getting the most out of their money
  • People do not accumulate enough for retirement

“The Lifetime Savings Initiative is a crucial endeavour that sheds light on the challenges faced by ordinary UK citizens in their quest for financial security. Our report reveals the daunting barriers that individuals encounter when attempting to manage debt, achieve homeownership, and save for their future. By highlighting these shocking realities, we aim to drive awareness and foster a collective effort to create a more equitable and sustainable national lifetime savings model.”

James Barham

Executive Chairman, Schroders Solutions

Watch: LSI Introduction and Panel Discussion

Watch a short introduction to the LSI, followed by a panel discussion with Schroders, the Pensions Management Insititute, and TISA (the Investing and Savings Alliance) summarising some of the key challenges faced by UK citizens as they navigate their lifetime savings journey - touching on affordability, financial literacy, complexity and behavioural biases.

Discover the Lifetime Savings Initiative Report 2024

Download the Lifetime Savings Initiative Report which maps the key pinch points facing UK savers.

The Lifetime Savings Initiative, led by Schroders and The Pensions Management Institute, brings together industry leaders from across the savings and pension landscape.

Contact us

For all general enquiries, please do not hesitate to get in touch with our dedicated LSI Project Team.

Important infomation

Marketing material for professional clients only.

Past performance is not a guide to future performance and may not be repeated. The value of investments and the income from them may go down as well as up and investors may not get back the amount originally invested. Schroders has expressed its own views and opinions in this document and these may change.

This document may contain “forward-looking” information, such as forecasts or projections. Please note that any such information is not a guaranteed and there is no assurance that any forecast or projection will be realised.This information is not an offer, solicitation or recommendation to buy or sell any financial instrument or to adopt any investment strategy. Nothing in this material should be construed as advice or a recommendation to buy or sell. Information herein is believed to be reliable but we do not warrant its completeness or accuracy. Reliance should not be placed on any views or information in the material when taking individual investment and/or strategic decisions. No responsibility can be accepted for error of fact or opinion.

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Issued in March 2024 by Schroder Investment Management Limited, 1 London Wall Place, London EC2Y 5AU. Registered in England, No. 4191730. Authorised and regulated by the Financial Conduct Authority.