Data published by HMRC has revealed that around 3.5 million individuals are ‘yet to benefit’ from its Help to Save scheme.
The Help to Save scheme allows individuals to build up a ‘rainy day’ fund, and helps to encourage a long-term savings habit.
Account holders can save between £1 and £50 each calendar month, and accounts last for four years from the date the account is opened. After two years, savers receive a 50% tax-free bonus on the highest balance they’ve achieved.
According to the data, more than 132,000 people have signed up to the Help to Save scheme, depositing over £31.4 million into savings accounts. HMRC is urging those on lower incomes to sign up to the scheme.
‘Saving shouldn’t be seen as a luxury, but as an essential part of planning for the future,’ said John Glen, Economic Secretary to the Treasury.
‘Around 3.5 million people could benefit from the scheme, so if you’re eligible but haven’t yet opened an account, you should take a look. Saving comes with a 50% government bonus, and even a small amount could help you to be more prepared for the future.’