The government is considering a range of measures designed to encourage Brits to save. Head of corporate affairs at Aegon, Francis McGee, claims that 13 million people in the UK are saving inadequately or do not have a savings account, prompting the insurance company to team up with the Association of Independent Financial Advisers (AIFA) in offering eight measures aimed at incentivising Brits to save. Though the coalition government has outlined no plans aimed at encouraging people to save more - as evidenced by their decision to axe Child Trust Funds, the government is believed to be considering the merits of the eight measures put forward.
By appealing to the government, the insurer and the AIFA have abandoned any hopes of encouraging banks to offer worthwhile interest rates, and are instead looking for the government to advocate new savings schemes. Among the measures offered is a 'save back' scheme whereby consumers would be given the option of saving every time they pay a utility bill or when paying at a supermarket checkout. The measures also focus on education, considering several ways of getting young people to think about saving.
New Savings Schemes Target Government Rather than Banks
Financial Services > e-banking > Banking news
New Savings Schemes Target Government Rather than Banks
Fri, 28 May 2010
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