Help to Save is the right move, but Government must tackle skills gaps to make it work

on 14 Mar 2016

Learners planning

Learning and Work Institute has welcomed the Prime Minister’s idea for a Help to Save scheme but cautioned that it’s important it learns lessons from past evidence.

The scheme, which builds on previous calls by Learning and Work Institute for a ‘Help to Train’ scheme, is expected to provide incentives for those in receipt of Universal Credit to invest some of their money into savings and will be unveiled in full following the budget.

Stephen Evans, Deputy Chief Executive of Learning and Work Institute said supporting people to save and invest in their future was important:

“We’re pleased to see the Government propose new ways to help people save. We’d like to see extra support for those that want to invest their savings in training or changing career. That’s why we’ve previously called for a Help to Train scheme.

“There are clear lessons from previous, similar, schemes such as the previous Government’s Savings Gateway. These show it’s important that people have clear support to manage their finances, and the digital skills to access the best online services and rates.  Our Citizens’ Curriculum is a tried and tested way of tackling this effectively.”

He added that the role of employers was also crucial:

“Employers can also support people in saving, whether through workplace savings schemes or other support. Learning and Work Institute have been undertaking groundbreaking work in building partnerships between employers, learning providers and intermediaries. We look forward to working with Government to make the new scheme a success.”

Anyone wanting to know more about Learning and Work Institute’s work with employers or around financial capability can contact alex.stevenson@learningandwork.org.uk