Question to the HM Treasury:

To ask the Chancellor of the Exchequer, what steps she is taking to encourage people aged under 30 to (a) save and (b) invest for retirement.

The Government is committed to incentivising greater saving and investment to help people save for their future goals and build greater financial resilience and to supporting people of all incomes and at all stages of life to save.

The Lifetime ISA is designed to encourage younger people to get into the habit of saving for the longer term. The Help to Save scheme also supports low-income working households to start a long-term savings habit.

The government encourages pension saving through generous tax relief on pension contributions and investment income and growth. These reliefs were worth £78.2bn in 2023/24. Individuals can also save in a range of Individual Savings Accounts each year, such as cash and stocks & shares and any savings income within it is tax free.