'Addressing the advice gap will require a multi-pronged approach'

Of course, just like the government’s first Budget, we need to recognise that there is unlikely to be a single solution or silver bullet to solve the societal issue of the advice gap.

A range of advice, new guidance solutions, and better financial education at all stages of life should be implemented to address the gaps. With these things operating well in parallel, we have the opportunity to deliver the change required to transform lives. 

Mark FitzPatrick is chief executive of St James's Place