28 February 2019

Help to Save - "Great, if you've heard of it" Royal London comments

3 min read

 
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Becky O'Connor

Personal Finance Specialist

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Commenting on the Help to Save uptake statistics published by the Government today here, which show that more than 90,000 people have opened accounts, depositing £13 million - equal to about £140 each - Becky O’Connor, personal finance specialist at Royal London, said:

“The 90,000 accounts opened represents just 2.5 per cent of the total 3.5 million the Government said would be eligible. This suggests that either not enough people know about it or millions are too poor to save. If you can and you are eligible, this is a great way to save, as the Government gives 50p for every £1. As incentives to save go, that’s hard to beat. But these figures suggest that millions of low income earners just don’t know it exists.”

For further information please contact:

Becky O’Connor, Personal Finance Specialist

About Royal London:

Royal London is the largest mutual life, pensions and investment company in the UK, with funds under management of £117 billion, 8.8 million policies in force and 3,745 employees. Figures quoted are as at 30 June 2018.