Trials of the government's Saving Gateway scheme have helped improve savings levels, it has been claimed.
According to the Tax Incentivised Savings Association (Tisa), the two trials which have been carried out have "proven to be an important tool" in boosting the amount of money people deposit in savings accounts .
Tisa is now calling for the system to be rolled out nationwide to ensure that it is able to encourage people to put money in to savings accounts across the country.
Tony Vine-Lott, director general of the association, said: "Building on the mass market success of Isas and child trust funds held by over 20 million people, we believe that the Saving Gateway is the logical next step."
He added that he believes the scheme could persuade two million more people to open a savings account.
Under the pilot schemes, the Saving Gateway offers a government contribution to savings accounts for lower-income households.
Tisa works alongside the retail financial services industry, political groups, the Treasury, the Financial Services Authority and HM Revenue and Customs.
Government scheme to encourage savings
Government scheme to encourage savings
Tue, 11 Mar 2008
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