A new savings scheme launched in September by the Government called 'Help to Save' could be the perfect way to help customers in financial difficulties build up savings and enhance their financial resilience against future payment shocks.
When discussing income and expenditure details with customers, it has not been usual to enquire about a customer's method of saving which is now covered under the Standard Financial Statement. However with programs such as Help to Save available, it would seem appropriate that firms should consider signposting eligible customers to the scheme in order that they may consider if this is suitable and meets their needs.
While firms need to ensure that they don't provide recommendations or financial advice, highlighting areas of potential income maximisation should be considered and of course, customers can always be provided with details for free money advice agencies to help support with the exploration of all available options, including application for any money saving or income maximising options.
Full details of the scheme can be found at - https://www.gov.uk/get-help-savings-low-income
A new savings scheme which gives up to a £1,200 bonus to people on low incomes has been launched. The Government's Help to Save initiative, which is available to working people on tax credits and universal credit, rewards savers with an extra 50p for every £1 saved. Around 3.5 million people currently meet the eligibility criteria. It is a new type of savings account specially designed for low-paid workers. You can save between £1 and £50 every month, and at the end of two and four years, you're paid a 50% bonus, up to a maximum £1,200.
https://www.moneysavingexpert.com/news/2018/09/savings-scheme-for-people-on-low-incomes-launched/
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