Money and Pensions Service (MaPS) aims to create 2 million new savers by 2030 through a new Savings Charter, as part of the UK strategy for financial wellbeing.
The Savings Charter is a set of commitments for savings providers to raise the profile of saving in the UK and is coordinated by MaPS.
The Charter outlines five commitments for savings providers: demonstrating a commitment to financial security, assisting individuals in understanding their financial goals, ensuring access to savings when required, keeping customers informed about their options, and promoting savings in communities, workplaces, and educational settings.
According to MaPS, it will help address the 11.1 million working-age adults in the UK who have low to moderate salaries and do not save regularly, leaving them vulnerable to unexpected bills and financial instability.
NatWest Group and Yorkshire Building Society have been the first to sign up.
Money and Pensions Service savings lead Michael Royce says: “All our evidence shows that a more widespread habit of regular saving would be transformational for the nation’s financial wellbeing.
“The UK Savings Charter provides an opportunity for financial service organisations to demonstrate their commitment to building consumers’ financial security through savings.
“The Charter also provides a way for firms to think strategically about savings across all their retail and community based operations – through direct consumer channels, in schools and other educational institutions, as well as faith and community groups, and via employers.”
NatWest Group savings expert Mo Watt says: “In 2020, we set out to help 2m customers start to save by the end of 2023 – we’re happy to have reached this goal but know there’s more to do to help people build good savings habits. We’re really pleased to be the first signatory of the MaPS UK Savings Charter after being at the heart of its design.
“Signing the Charter provides an opportunity for us to demonstrate our continued commitment to help people start to save and focus on their financial wellbeing. We look forward to working together with the savings industry and MaPS to help build a nation of savers.”
Yorkshire Building Society director of savings Chris Irwin says: “At Yorkshire Building Society we are committed to helping people build financial resilience and work towards their financial goals. Research shows that people who save regularly are generally less anxious about money and report greater life satisfaction, regardless of income.
“We are proud to sign up to the Savings Charter, confirming our commitment to help people save, whatever their age, situation and savings experience and supporting the aim to help the UK become a Nation of Savers.”
