General Chat

The Govt says ( for people on benefits/low income) 'if you have £1000 pounds in the bank you are less likely to get into debt'....duh, would never have thought of that :-0

Would that have been part of the new initiative? You save up to £50 pm and we'll add to it.

If it encourages the low paid to save, why not? If you've managed to put a bit aside you're more likely to be careful how you spend. It might help a few people to budget more carefully + the saved money is there in a time of need.

I heard the rest of it afterwards DET,

http://www.bbc.co.uk/news/business-35799404

It is not a bad habit to acquire.

I am certainly not saying it's a bad idea to encourage saving, but if you are already spending every penny you earn on rent/mortgage/heating/food/council tax ( going up) how are you to find that extra to save?

It's yet another little smoke screen imo, ie 'aren't we good we are going to give the workers something'... and with the OTHER hand.......

Just call me a cynic!

It is the Labour scheme that they scrapped for being uneconomical.

It's perhaps a pity that those under 25 are excluded, because that would perhaps be an incentive not only to get into the habit of saving, but they will also need to have more savings in the pot as they will be working much longer before receiving a state pension ( assuming there is one by then!).

I can't wait for their wonderful ideas on Wednesday. :-0

Guinevere, I have just about resigned myself to the impending doom, the Tories doing their worst indefinitely, and Trump as US president. :-0

Someone's going to ask if benefits are already too high if it's thought people can afford to save out of them. It will just create another big cost in staffing in dealing with operating it.

That was my thought Annx

Probably they will make the revenue to pay for it by hitting the sick and disabled once again :-(

Chris

My thoughts are that they'll change the level of savings taken into consideration when calculating in-work benefits.

There's some muttering about disablility payments - the rise would be less than hoped for, so not exactly a cut if it hasn't yet been introduced/paid.

http://www.mirror.co.uk/news/uk-news/iain-duncan-smith-claims-personal-7555443