Help to Save Scheme
The question
To ask the Chancellor of the Exchequer, if she will make an assessment of the potential merits of extending the eligibility criteria for the Help to Save scheme.
Answered by Emma Reynolds
The Help to Save scheme promotes financial resilience among working people on low incomes by encouraging a regular, long-term savings habit and building a financial buffer to help people to plan and prepare for the future. The scheme is only available to working individuals in receipt of certain benefits. This ensures it is targeted at its intended population.
The government has recently extended the eligibility criteria for the Help to Save scheme. From April 2025 it is available to all Universal Credit claimants in work, not just those earning over a certain amount. These changes mean that around 550,000 more people will be able to take advantage of the scheme, bringing the eligible population to 3 million.
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