Beth Prescott: This Budget helps people save for a rainy day

Having just started working for a debt-counselling charity, no one was more pleased than I when the Prime Minister pledged an ‘all out assault on poverty’ during his speech at the Conservative Party Conference.


Working for a charity whose mission is to free people from the chains of debt and poverty, I have learned that many people who get caught up in debt and poverty were managing fine with their finances, but then a rainy day hit and suddenly they found themselves with masses of unexpected bills.

The importance of saving was something my parents taught me from a young age. No matter what your income, always put something away as you will never know when you may need it.

However, as important as this is, it is easier said than done. Wages come in and go straight back out again as the bills get paid. All it takes is an unexpected illness, family breakdown or car failure and suddenly your finances suffer a massive set back. It is a situation families all across the United Kingdom go through on a regular basis. Research shows that almost half of adults in the United Kingdom have less than £500 set aside for emergencies.

With Help to Save, millions of people across the country will be better prepared if and when a rainy day comes along.

Help to Save will mean millions of low income savers could now receive a government bonus of up to £1200 to help them build up their savings. The scheme will see those eligible able to save up to £50 a month and receive a bonus of 50%, up to a maximum of £600, after two years. Savers can continue to use the scheme for a further two years and earn up to another £600.

This Government has made it their mission to transform life chances across the country. This includes giving hard-working families the extra support they need to fulfil their potential and get on in life.

The Conservative Party recognises that helping lift people out of poverty is not just as simple as handing them a cheque, it is about giving people a chance and equipping them with the support they need to take that chance. Schemes like Help to Save, along with other initiatives like the National Living Wage, Help to Buy and the increase in the Personal Allowance, prove it is the Conservative Party that is the party helping people climb the ladder. The Conservative Party is the party that rewards those who work hard and save. The Conservative Party is the party of working people. 

Beth works for a debt counselling charity, and in the General Election last year she stood as the Conservative candidate in Normanton, Pontefract, & Castleford against Yvette Cooper.

Follow her on Twitter.