Monday 16 January 2023

Saving savings?

Assessing government incentives to put money aside

Savings matter. They help households cope in the face of economic shocks, take risks and plan for the future. But the UK has had a low savings rate for decades, and as a result households have entered today’s cost of living crisis with low savings levels. Policymakers have long recognised this challenge, and tried to address it with a wide range of incentives to encourage savings – from ISAs to the more recent Help to Save. But while such policies have cross party support, there is little focus on their effectiveness and on who benefits from them. This is all the more important as rising interest rates mean the cost of some incentives is going to rise substantially.

What is the state of peoples’ savings? How many different ways does government try to incentivise households to save? Who benefits from those policies? And how can policy better support people to save for a rainy day?

To mark the launch of new research exploring government incentives for saving in the UK, in partnership with the abrdn Financial Fairness Trust, the Resolution Foundation is hosting an event to debate and answer these questions. Following a presentation of the report’s key highlights, we will hear from leading experts on what policymakers can do to enable people to save more, especially those on the lowest incomes.

The event will be open for people to physically attend, alongside being broadcast via YouTube and the Resolution Foundation website. Viewers will be able to submit questions to the panel before and during the event via Slido.