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Closing the savings gap? The role of the Saving Gateway

Collard, Sharon and McKay, Stephen (2006). Closing the savings gap? The role of the Saving Gateway. Local Economy, 21(1) pp. 25–35.

DOI (Digital Object Identifier) Link: https://doi.org/10.1080/02690940500472475
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Abstract

The 2001 election manifesto committed Labour to introducing two innovative policies designed to increase savings and assets among future generations, and the low-income families of today. The Child Trust Fund aims to provide all children with an endowment of assets when they reach the age of 18. Child Trust Fund accounts became available in April 2005 to all children born from 1 September 2002. The Saving Gateway offers a new savings account for lower-income families, designed to encourage savings. The first Saving Gateway pilot took place between 2002 and 2004; a second, larger pilot is currently underway. This article outlines the key findings from the evaluation of the first Saving Gateway pilot.1 Overall, the results are positive—the scheme has encouraged participants to save, and to save regularly. In addition, it seems to have resulted in positive psychological and attitudinal changes among a significant proportion of participants.

Item Type: Journal Item
Copyright Holders: 2006 LEPU, South Bank University
ISSN: 1470-9325
Academic Unit/School: Faculty of Business and Law (FBL) > Business > Department for Accounting and Finance
Faculty of Business and Law (FBL) > Business
Faculty of Business and Law (FBL)
Item ID: 40166
Depositing User: Sharon Collard
Date Deposited: 20 May 2014 13:41
Last Modified: 07 Dec 2018 10:23
URI: http://oro.open.ac.uk/id/eprint/40166
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