The government should increase the amount of money people can put into save-as-you-earn (SAYE) share savings accounts, it has been claimed.
According to ifs ProShare, an investment club, the current limit of £250 a month for such savings accounts has been in place since 1991.
The body points out that if this figure had risen in line with inflation, people would now be able to place £400 a month in share savings accounts.
Phil Hall, head of public affairs at ifs ProShare, explained that by increasing the limit, the government would help realise its aim of increasing savings levels in the UK.
He said: "By increasing the amount of money employees can save in a SAYE plan, the government can provide a tangible example of action taken to match such rhetoric."
Yesterday, cahoot announced that it is launching a new savings account which offers an interest rate of seven per cent.
Government must increase share savings limit, expert claims
Government must increase share savings limit, expert claims
Fri, 11 Jul 2008
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