Fair4All Finance responds to the government’s consultation on delivering a reformed Help To Save scheme
In October the government announced that it was extending the scheme, which grants workers with low incomes a 50% bonus on their savings, to run initially until 2027. Eligibility is being widened so that three million people can take advantage of a Help To Save account.
The government is also consulting with financial services providers about delivering a reformed version of the scheme from 2027, which will include improved savings incentives.
We warmly welcome the decision to expand Help To Save. With 14 million people in the UK who have less than £100 in savings, it is right that the government is expanding and improving support for savers with low incomes.
And we support proposals to offer the Help To Save account through a range of financial services providers. We think this will raise awareness of the scheme and give savers greater choice.
In particular, and as we set out in our response to the previous government’s consultation on Help to Save Reform, we believe it is vital that the government enables credit unions to participate in the delivery of the scheme.
Credit unions provide essential access to savings and credit for millions of customers across the country, and have a proven track record in helping people to save, even those with very low incomes. We think this is an important opportunity to benefit credit union members and help the growth of the sector, and we’ve offered our support to the government to help credit unions take advantage of the scheme.
