%D 2006
%I HM Treasury
%L discovery18372
%T Interim evaluation of saving gateway 2
%O © Crown copyright 2006. Reproduced under the Click-Use Licence
%A C. Emmerson
%A G. Tetlow
%A M. Wakefield
%X The Saving Gateway is a government initiative aimed at encouraging savings behaviour among people who do not usually save. Each pound placed into a Saving Gateway account is matched by the government at a certain rate and up to a monthly contribution limit. Matching provides a transparent and understandable incentive for eligible individuals to place funds in an account. An initial pilot of the Saving Gateway - SG1 - has already been conducted and evaluated. In the December 2004 Pre-Budget Report, the Chancellor of the Exchequer announced a new, larger scale, pilot of the Saving Gateway - SG2. Almost 21,500 individuals have opened SG2 accounts across six areas of England. The design of these accounts - in terms of the match rate and monthly contribution limit - varies across these areas. Alongside the financial incentive to place funds in a SG2 account, the pilots also offer financial education.
%C London, UK