The Financial Inclusion Commission (FIC) has called for a minister for financial health to lead on financial inclusion and capability.
Under the FIC's proposals, financial inclusion would also be an objective on risk profiles for the insurance market.
The proposals also called for the Treasury "to lead a debate on suitable and affordable protection for consumers unable to obtain personal insurance through the market."
The FIC is a body set up to adress financial exclusion issues ahead of the election with support from Mastercard, though it is independent.
The report Financial Inclusion - Improving the financial health of the nation contains 22 recommendations for the financial services industry and government.
The FIC said it wants a Britain where "every adult has access to the right insurance cover for his or her needs, at a fair price".
Katharine Moxham, spokesperson for Group Risk Development, said: "It can be all too easy to just about get by, to focus on daily spending commitments and not to think about putting money aside or financial protection.
"However, regular income will not always be a given, and it is vital that people build up a financial safety net to keep their heads above water should they have to stop work - particularly through illness or injury.
"Our recent research found that a quarter of employees (23%) would not be able to provide for their family if they were off sick for six months or more, while just one in seven (14%) would go to their employer for support.
She added:"While people recognise the importance of saving, many are unable to build up sufficient funds to support them through a difficult period.
"Employers are in a unique position to drive forward financial education amongst their staff and help them with access to affordable financial protection cover and financial inclusion.
"Employees who have coverage from income protection, which is usually part of a wider supportive benefits package provided by their workplace, will be in a far more robust position in the long-term."
