Precautionary tales - Tackling the problem of low saving among UK households - Molly Broome, Ian Mulheirn & Simon Pittaway

The use of the ONS statistical data in this work does not imply the endorsement of the ONS in relation to the interpretation or analysis of the statistical data. [...] Unsurprisingly it is low-income families that Resolution Foundation Precautionary tales | Executive Summary 5 are more likely to have inadequate precautionary savings: 45 per cent of those in the bottom third of the income distribution had savings below £1,000 compared to just 18 per cent of those in the top third of the income distribution. [...] For example, 45 per cent of those in the bottom third of the income distribution had savings below £1,000 compared to just 18 per cent of those in the top third of the income distribution. [...] Compared to other savings scheme involves more targeted policy incentives, Help to Save is the matching schemes, specifically the best targeted towards lower income Lifetime ISA (LISA) designed to help households, hence the extension of the people save for a deposit on a house programme to 2025.30 But take up of the or for retirement, and the Help-to-Save scheme is limited: at the outset of the ma. [...] have deposited into a Help to Save The money can then be withdrawn to account since the start of the scheme go towards the deposit for purchasing indicating a take up rate of around 10 a house, be withdrawn in the event of per cent.31 Nevertheless, the scheme terminal illness, or after the age of 60.