Scottish Friendly, the savings and ISA provider, has called for the Help to Save Scheme, announced today by the Government, to include access to stocks and shares investments and not just cash.
Calum Bennie, Savings Expert at Scottish Friendly said:
“The announcement of the Help to Save Scheme is a welcome development for thousands of UK households on lower disposable incomes. Many people struggle to save simply because they don’t have enough left over after paying their bills. While the Government doesn’t exactly match contributions that lower earning workers will pay in, the Help to Save Scheme could provide a much needed boost to savers on lower incomes.
“The announcement is clearly a step forward for those who are in a position to put money aside for the future. However, we urge the Government to include access to stocks and shares investments as part of the scheme. Launching a Help to Save ISA would be a consumer friendly introduction to investment in what is a familiar investment vehicle. We shouldn’t just push people into cash and leave investment products for the wealthy and well-advised especially in the current environment of low interest rates and inflation eroding the value of cash over the long-term.”