Check If You Qualify

PM Announces Help to Save Scheme for Low Earners March 14, 2016

Sharon McDougall - 14th March 2016 - 2 minutes to read

Prime minister David Cameron has announced details of a new government scheme designed to encourage low-level earners around the UK to save more money on a monthly basis.

The Help to Save initiative will make available bonuses worth up to £1,200 over the course of four years to anyone who is on a low income but manages to save up to £50 per month.

People who claim working tax credits or universal credits are the intended beneficiaries of the scheme, which will see the government contribute up to £25 per month to the savings accounts of low earners nationwide.

The scheme is being framed as a response to the fact that many millions of adults around the UK currently have less than £500 set aside as savings.

“I’ve made it the mission of this government to transform life chances across the country,” Mr Cameron said in an announcement about the Help to Savescheme.

“That means giving hard-working people the extra support they need to fulfil their potential.

“And that’s what these new measures will achieve – helping someone start a savings fund to get them through difficult times, giving people on low incomes a pay rise and making sure teenagers have the experience and networks to succeed.”

In light of planned cuts to public spending set to be announced this week, the plan to incentivise saving among low-income Brits have been dismissed by the Labour Party as being “like stealing someone’s car and offering them a lift to the bus stop”.

“These [public spending] cuts will mean families are going to struggle to have enough money to make it to the end of the week, let alone save for the future,” said Labour’s shadow work and pensions secretary Owen Smith.

Roughly 3.5 million people around the country who claim either universal credit or tax credits will potentially be eligible to use the government’s Help to Save scheme.

If the scope of the scheme is maximised then an individual could save £3,600 over the course of four years, with £1,200 of that money being contributed by the government.

If you live in Scotland and you’re struggling to retain control of your personal finances then Scotland Debt Solutions could help. Call us directly to arrange a free consultation.

facebook colour icon linkedin colour icon messenger colour icon whatsapp colour icon email colour icon
Sharon McDougall Square

Sharon McDougall

Manager

Other News

Debt Levels Soaring across Scotland, New Figures Show Debt Level Rising

Debt Levels Soaring across Scotland, New Figures Show

Levels of unsecured debt in Scotland increased dramatically during 2022 as the cost of living crisis took its toll on household finances.

Nearly Half a Million Scots Facing ‘Profound Financial Hardship’ Financial Hardship

Nearly Half a Million Scots Facing ‘Profound Financial Hardship’

Close to half a million Scots are in a position of profound financial hardship, according to a new set of figures.

Scots with Disabilities Urged to Check Eligibility for New Benefits Scottish Man In Wheelchair

Scots with Disabilities Urged to Check Eligibility for New Benefits

Disabled people in Scotland are being urged by the government to check whether they might be eligible for benefits that could help make their life a little easier.

About

Why Choose Us

Usp Location

5 Offices in Scotland

National Coverage

Usp House

Ask us About

Home Visits

Usp Hand Heart

Helping Scots Get

Out of Debt Since 1989

Usp Handshake

We offer an

Instant Initial Consultation

Usp Palm Wallet

We'll Help You

Lower Monthly Payments

Usp Hand Heart

HELPING SCOTS GET

Out of Debt Since 1989

We'll give you a call

Our Scottish based team can help advise you on your debt problems.

Here at Scotland Debt Solutions we take your privacy seriously and will only use your personal information to contact you with regards to your enquiry. We will not use your information for marketing purposes. See our Privacy Policy.

Tools

Useful tools

Personalised Debt Report
Usp Planner

Personalised Debt Report

Our personalised debt report will help you better understand your financial position and see where your money is going.

Debt Report
Instant Scheduled Call & WhatsApp
Headset

Instant Scheduled Call & WhatsApp

Arrange a call with an expert advisor at a time to suit you or contact our team via WhatsApp for immediate help and advice.

Arrange Callback
Find a Local Office
Usp Signpost

Find a Local Office

We have five offices located across Scotland. Find your nearest one here.

Find an Office

Our Insolvency Practitioners are regulated by ICAS or the IPA and our firm is authorised and regulated by the Financial Conduct Authority

Fees and Information: There are fees associated with our services. These will be fully explained before entering into any of the personal debt solutions referred to on this website. Full details of our fees and how these are charged are fully explained to you prior to you committing to any particular service.

ICAS Insolvency Practitioners