The project has brought together stakeholders from across consumer, savings and pensions markets to identify and propose solutions to the challenges, the organisations said.

Schroders hosted a summit in December with the PMI and key parties to discuss the issues. The output of the first part of the research published today has mapped out three key areas in which UK savers need support:

• Financial resilience
• Rising costs of housing
• Long-term retirement needs

The research found that more than a fifth (22%) of adults are borrowing more money to keep up with living costs, the proportion of pensioner households renting privately during retirement could increase three-fold over the next 20 years and the UK has a projected £350bn annual long-term savings gap.

The 131-page report follows shortly after pensions and investment reforms featured as key areas of the UK Government’s Spring Budget.

As part of the LSI project, the organisations plan to hand recommendations to policymakers in a white paper later this year.

Ruston Smith, chair, Pensions Management Institute, said: “We have identified key pinch points which are preventing people from building financial security in both the short and long-term.

“As this is such an important societal problem, spanning across a number of regulatory regimes, we want to share our insights and take a collaborative approach to broaden the discussion. We want this initiative to be a real force for positive change, to help people have easier and better choices and therefore better outcomes and greater financial security.”

James Barham, executive chairman, Schroders Solutions, said: “We hope that the breadth and depth of our panel will help to break down the silos between different areas of the savings system and allow us to build a consensus around what needs to be done to address the key challenges facing people saving today.

In addition to savings and pensions specialists, the two organisations said the LSI has spanned a mix of organisations such as retailers, debt charities, financial education charities, unions, insurers, banks, platforms, fintechs and consolidators.