Question to the HM Treasury:

To ask His Majesty's Government, following the findings of the Financial Conduct Authority survey indicating a decrease in savings and investing among UK adults, what steps they are taking to help individuals and families save and invest.

The Government is committed to incentivising greater saving and investment, to help hard working people save for their future goals and build greater financial resilience.

The Help to Save scheme was launched in September 2018 and is intended to promote financial resilience among working households on low incomes by supporting them to kickstart a regular, long-term savings habit and build a financial buffer for a rainy day.

Individuals can also save up to £20,000 into an Individual Savings Account (ISA) each year, and any savings income received within an ISA is tax free. This, along with the Personal Savings Allowance of up to £1,000 for basic rate taxpayers means that around 85% of people with savings income pay no tax on that income.

However, the Government also recognises that people need support to make effective investment decisions. This is why the Government and FCA are working on a joint review of the boundary between financial advice and guidance to ensure people can access appropriate support with their financial decision-making.