The government must invest more to educate consumers about long-term saving and investment if it wants the population to retire comfortably, the Wealth Management Association (WMA) has warned.

The warning comes after research from PricewaterhouseCoopers (PwC) revealed that that six in 10 people have put off saving more into their pension because they don’t understand the system, with women and younger workers particularly unlikely to put money aside.

The WMA’s members reach over four million investors and manage in excess of £670 billion of the country's wealth.

Liz Field, chief executive of the WMA, said: “The government must educate UK (citizens) about managing their money and encourage a cultural change towards investment and saving.

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“This cultural shift will not only help people retire more comfortably but it will also allow individuals to save money for a rainy day. Investing in shares also makes people active participants in the economy, as they have a vested interest in businesses doing well. A more invested population is actively engaged in the country’s economic performance, as they have a stake in the free market economy. A wider range of investors means a wider range of people interested in company success, and more people who can hold management accountable for their decisions.

“However, many people currently believe that investing in shares is an option only open to the very wealthy – but it is in fact something accessible to all. They have also been left confused by the changing face of pensions recently, whether it is pensions freedoms, auto-enrolment, cutting pensions tax relief, or the discussions about using pensions as Isas.

“While we welcome the changes which allow people to manage their own assets and become more actively involved in planning for their future, the government must remember that education is key. Both children and adults should be educated about the benefits of investment and saving, and have the changes explained to them clearly. Only then will we see the population planning for their future with the ‘more secure and practical foundations of saving and long-term investment’ in mind, which George Osborne citied in his summer budget.”