How Aesop's fable can help explain the UK savings gap

Everyone knows Aesop's fable of the ant and the grasshopper: the ant worked hard all summer to provide for the winter ahead; the grasshopper did not and paid the price.

A paper by PricewaterhouseCoopers partner John Hawksworth suggests that this fable, combined with insights from recent developments in behavioural economics, can help to explain why people in the UK are not saving enough for their old age.

Put simply, the paper argues that the UK is a nation of too few 'ants' and too many 'grasshoppers'.

Continued...