The motivation for this stance is probably the justification of the changes to retirement age and the emerging age of austerity that the EU governments seem to be pushing post the Euro bailout.

Whatever the motivation this really is driving the savings and austerity agenda. Saving and borrowing don't mix too well - and so the change in mood is well aligned to the Debt Revulsion thesis.

I didn't hear the full speech - just reading through the Telegraph's report - but the problem I see is that there is no solution offered by Duncan-Smith to the low savings rate. The message appears to be that your retirement will be hard if you don't save.

It would be good to see concrete rewards for personal austerity and increased savings.