Media comment: Prime Minister’s new support to improve the life chances of millions

Monday 14 March 2016

David Haigh, Financial Capability Director for the Money Advice Service comments on the Prime Minister’s new support to improve the life chances of millions:

“Today’s announcement is great news for many people across the UK. Our research tells us that four in ten adults have less than £500 in savings so initiatives like this that help people to build a savings habit is a positive step forward. Saving is high on our agenda and we have a number of initiatives planned through the Financial Capability Strategy to build people’s capability to plan for the future and save for unexpected costs.

“We know that for many, saving can seem difficult. Yet, there are many small things that people can do to cut back on spending and start saving for the future. We recently challenged a number of people to save £100 a month for three months. By making a budget, setting achievable savings goals and making small changes to their spending they were able to take control of their finances and start a savings habit - many have continued to save since. Information about how to cut back on spending can be found on the Money Advice Service website.”