The Saving Gateway initiative
The Government has issued details of the new “Saving Gateway” initiative that it hopes will encourage people on low incomes to save for the future.
From 2010, accounts will be available to people receiving a range of benefits and allowances; those who are eligible to open an account will be sent details and an application form, in time for it becoming available.
The amounts that may be saved are modest – the maximum monthly contribution is £25 per account.
The Government has undertaken to contribute 50p for every £1 saved, after two years, which presumably means that the maximum Government incentive will be £300 per account.
The initiative is certainly laudable. What is questionable is the amount of bureaucracy that will undoubtedly be involved for what will be very modest sums.
Date: 17th December, 2008
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