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Saving Gateway Accounts Bill

It is difficult to provide precise predictions about what the long-term consequences will be. We think that the results from the pilot were significantly strong, however, to justify introducing the scheme on a national basis. After the first pilot, 41 per cent. of the participants were still saving regularly three months after the first pilot finished, compared with only 16 per cent. who had done any saving before the pilot started. About 88 per cent. of those in the first pilot indicated an intention to continue saving. That was a significant response, but we should be clear that people will make their own decisions and will have different requirements and different needs that they need to fulfil with the money. We think that it is right to provide that support. The aim of the scheme is not simply to support savings, but in many cases to encourage people to use mainstream financial services, often for the first time, to set up bank accounts. The Post Office, for example, has said that it will run a saving gateway account. People will be able to access mainstream financial advice and support and so on, too.