BUDGET 2025: Government makes Help to Save permanent
The government has confirmed it will make its Help to Save scheme permanent from 2028, boosting the savings of 4.5 million low-earners.
Expanding the scheme will see 1.5 million carers and parents on Universal Credit benefit from the scheme, the government said.
The Treasury said in a statement: For too long governments have ignored the role of carers and parents in keeping the economy ticking. The Chancellor wants to change that and help millions more working people build a savings habit.
What is Help to Save?
Help to Save allows certain Universal Credit claimants to put up to £50 a month into a Help to Save account, for four years, and receive a 50% government bonus on the savings they put in.
But the scheme will be expanded to an extra 1.5 million savers to include Universal Credit claimants that have children in education or carers that provide of 35 hours of care to a disabled person.
Our view
Help to Save is one of the government’s strongest initiatives for low-income households, promoting savings with the real, tangible incentive of additional cash, which could help to lift people out of hardship over time.
Making this a permanent fixture should be welcomed.
Related News
Your love of Premium Bonds could be making you poorer
Oil has jumped above $100 a barrel again – Here is what that could mean for your money
“I want a guaranteed, fixed rate of interest”
Not sure what kind of investor you are?
