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Want to reform the housing market? Make deposit saving schemes automatic

Extending the pensions auto-enrolment scheme to mortgage deposits could help get young people on the ladder

By Jack Airey  

Should we be making opt-out schemes for housing deposits? Workplace pension reforms are a triumph of the Coalition Government. Heavily influenced by the work of this year’s winner of the Nobel Prize for Economics, Professor Richard Thaler, they have transformed pensions saving.

Since the scheme was introduced in 2012, over 6.7 million people have been automatically enrolled. The government expects that, once fully-rolled out by 2020, 10 million workers will either be newly saving or saving more in a workplace pension scheme.

Thaler was right: public behaviour can be nudged…

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