May 15 2008
The Tax Incentivised Savings Association (Tisa) has welcomed the government's announcement that it plans to put a savings gateway bill before parliament.
According to the Treasury, the savings gateway scheme will aim to help people living on low incomes around the country to set money aside more regularly and a consultation process was launched recently.
Tisa is keen to see the process succeed and has suggested that lessons should be learnt by law makers from the implementation of the child trust fund (CTF) initiative.
"We believe the savings gateway will encourage a whole new generation to get the savings habit and we are looking forward to working with HM Treasury on the detail of the bill," said Tisa's director-general, Tony Vine-Lott.
Last month, Tisa reported that around 130,000 CTFs were opened by parents aiming to save for their children's future during the first three months of this year.
