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Press Comment: Help to Save's low uptake would be boosted by investment in financial education

28 February 2019

If you are covering the Help to Save statistics released today, which show that the scheme has so far had relatively low uptake, please see the following comment from Jane Goodland, corporate affairs director at Quilter:

“Help to Save makes all the right noises – encouraging people who are on lower incomes to put money away for future and offering a substantial incentive to save. There is nothing else that comes close to giving savers a risk free 50% return, and we urge anyone that is eligible to take a look at this scheme.

"Although uptake is relatively low right now, with only a little over 90,000 accounts open and over a quarter with no money in them, policymakers deserve some credit for bringing it to life and it should be given time to develop. HMRC’s research shows that there are many barriers to saving that need to be addressed and it is not enough to assume that an incentive to save is enough in itself, no matter how generous the ‘bonus’. The research shows people still face many barriers, including challenges in their home life and budgeting concerns, as well as low levels of financial literacy and confidence with money.

“So much more can be done to give people the confidence and basic financial know-how. Government has said this scheme could help hundreds of thousands, but that is only going to happen if the scheme is combined with a sustained effort to improve financial awareness and education. Saving is not part of our DNA right now, and is under threat from the a consumer culture that makes it easy to spend at a tap, or take a loan in minutes.

“Evidence shows that many financial attitudes and behaviors are shaped around age 7. The Help to Save initiative and others like it will be more powerful if they are combined with financial education in primary schools, so that future generations understand the benefit of saving for the long-term. A lofty goal, but one we should be aiming for.”

For more information contact

Alex Berry
023 8072 6260
07741 151931
alex.berry@quilter.com

Michael Glenister
0207 7789 638
07469 144 535
michael.glenister@quilterinvestors.com

Notes to Editors:

About Quilter plc:

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £118.7 billion in investments (as at 30 September 2019).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions; and discretionary fund management.

The business is comprised of two segments: Advice and Wealth Management and Wealth Platforms.

Advice and Wealth Management encompasses the financial advice business, Quilter Financial Planning; the discretionary fund management business, Quilter Cheviot; and Quilter Investors, the Multi-asset investment solutions business.

Wealth Platforms includes Old Mutual Wealth UK platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

The Quilter plc businesses are being re-branded as follows: 

  • Quilter Financial Planning (previously Intrinsic)
  • Quilter Private Client Advisers (previously Old Mutual Wealth Private Client Advisers)
  • Charles Derby Group (becoming Quilter Financial Advisers)
  • Quilter Financial Adviser School
  • Quilter Cheviot
  • Quilter Investors
  • Old Mutual Wealth (becoming Quilter Wealth Solutions in 2020)
  • Old Mutual International (becoming Quilter International in 2020)

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.