People have been urged by the Association of British Insurers (ABI) to take responsibility for their financial welfare into their own hands.
The ABI Savings Manifesto lays out how it intends to encourage people to save more and protect their finances.
Ideas to boost pensions and other savings can be found in the report, including early automatic enrolment into workplace pensions, automatic increases in pension contributions and more flexibility on when people can buy annuities.
At the same time, the ABI has published new research into savings habits and a consumer leaflet on protection insurance.
Amongst the findings of the research, over 40% of people were said to be either saving far too little, or nothing at all, for their retirement.
Meanwhile, the vast majority of the UK's population was found to have little or no protection in place to help them cope with unemployment or other unexpected financial shocks.
"We need a culture of personal responsibility based on savings habits established early on in people's lives," said Stephen Haddrill, the ABI's director general. "Today we launch the ABI Savings Manifesto, which includes ideas like early access to pension saving, having contributions structures which auto-escalate with salary increases, and bringing forward automatic enrolment on a voluntary basis.
"On protection insurance, to streamline the claims experience for consumers further, we are calling for a new way of dealing with life insurance payments, which will help to avoid any financial hardship that people can suffer while they are waiting for lengthy legal processes after the death of a loved one to conclude.
"And we hope, through a further consumer publication today, People Need Financial Protection, to help individuals and families work out what insurance products are right for their needs."
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