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Designing a Life-Course Savings Account: How to help low-to-middle income families save more

Designing a Life-Course Savings Account: How to help low-to-middle income families save more

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Published by IPPR
This paper reports the results of research designed to identify the features of a savings account that would appeal particularly to low-to-middle income families while also being viable for financial service providers.

Families in the UK, especially low-to-middle income families – the median family income in 2008/09 was around £26,000 – find it hard to save, other than for short-term events such as Christmas and family birthdays. Among the reasons they give is a belief that the right savings vehicle does not exist for them.

Based on workshops with would-be service users and providers, this report identifies the key features of an attractive and feasible 'life-course savings account' and proposes two specific savings products: a Lifetime Bonus Savings Account, aimed at encouraging saving, particularly to help families cope with emergencies, and a Long-term Investment Account, designed to replace the existing cash ISA scheme for savers at a higher level. These kinds of savings products balance rewards for savers against the cost to the public purse.
This paper reports the results of research designed to identify the features of a savings account that would appeal particularly to low-to-middle income families while also being viable for financial service providers.

Families in the UK, especially low-to-middle income families – the median family income in 2008/09 was around £26,000 – find it hard to save, other than for short-term events such as Christmas and family birthdays. Among the reasons they give is a belief that the right savings vehicle does not exist for them.

Based on workshops with would-be service users and providers, this report identifies the key features of an attractive and feasible 'life-course savings account' and proposes two specific savings products: a Lifetime Bonus Savings Account, aimed at encouraging saving, particularly to help families cope with emergencies, and a Long-term Investment Account, designed to replace the existing cash ISA scheme for savers at a higher level. These kinds of savings products balance rewards for savers against the cost to the public purse.

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Categories:Types, Research
Published by: IPPR on Aug 03, 2011
Copyright:Attribution Non-commercial

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Designinga Life-CourseSavings Account
Hw  hl lw--middl incmfamilis sav mr
Tony DolphinApril 2011© ippr 2011
Institute for Public Policy Research
Challenging ideas – Changing policy
RepoRt
 
The Institute for Public Policy Research (ippr) is the UK’s leading progressive think tank, producingcutting-edge research and innovative policy ideas for a just, democratic and sustainable world.Since 1988, we have been at the forefront of progressive debate and policymaking in the UK.Through our independent research and analysis we dene new agendas for change and providepractical solutions to challenges across the full range of public policy issues.With ofces in both London and Newcastle, we ensure our outlook is as broad-based as possible,while our international work extends our partnerships and inuence beyond the UK,giving us a truly world-class reputation for high-quality research.
ippr, 4th Floor, 13–14 Buckingham Street, London WC2N 6DF
 
+44 (0)20 7470 6100 • info@ippr.org • www.ippr.org
Registered charity no. 800065This paper was rst published in April 2011. © 2011
 
The contents and opinions expressed in this paper are those of the authors only.
About ipprAbout the author
Tony Dolphin
is Senior Economist and Associate Director for Economic Policy at ippr.
Acknowledgments
The author wishes to thank:Friends Provident Foundation for funding this workAndrew Thompson at Friends Provident Foundation, Jackie Wells, David White, and colleaguesat ippr, particularly Dalia Ben-Galim and Laura Bradley, for comments on an earlier draftMyriam Cherti and Laura Bradley for organising and conducting the deliberative workshopsParticipants in the workshops and expert roundtable for giving up their time, and nancialservice providers for agreeing to be interviewed as part of the project.
 
ippr 
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