People in the UK need to make sure they are putting more cash into savings accounts, one expert has claimed.
According to Jamie Elliott, coordinator at the national forum for financial inclusion Transact, Britons need to embrace a savings culture to help them through the economic downturn.
He said: "We need to save for the difficult times. All of the financial industry agrees that it needs to encourage a culture of saving and one thing that the government is doing is the Savings Gateway."
Under the scheme, the government will match the amount of people on low incomes put in to a savings account "up to something like £250", he added.
The Savings Gateway was announced in this year's budget and will be introduced across the country in 2010.
According to the government the scheme is aimed at helping to kick-start the savings habit and promoting financial inclusion throughout the country.
UK consumers urged to increase savings
UK consumers urged to increase savings
Mon, 09 Jun 2008
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