A new paper from the Centre for Policy Studies backs up the Tax Incentivised Savings Association's (Tisa) long-held position on long-term savings and investments, it has been claimed.

According to Tisa director general Tony Vine-Lott, the research suggests emphasis should be placed on a lifetime approach to saving, which he says Tisa has been advocating for several years.

The study highlights how savers looking to secure their long-term futures are faced with a great deal of choice but find the process over-complicated.

As a result, they tend to invest in Individual savings accounts (ISAs) as they offer a simplistic alternative to pensions .

It is in the interests of government, consumers and the financial services industry to provide simple, flexible and attractive long-term savings structures, concluded Malcolm Small, Tisa director of portfolio and retirement planning .

Reform, however, must include reform of the current state retirement benefit structure, an end to means testing and the provision of the clearest possible incentives to save.

A recent poll by Santander found 43 per cent of savers currently hold a cash ISA .