The UK Government's HMRC has issued a warning that many families on low incomes may be entitled to additional financial support through the Help to Save scheme, which is now made permanent. This initiative encourages savings by offering a government bonus of 50p for every £1 saved, and it is aimed particularly at working households on low incomes. Recently, it was highlighted that up to 1.5 million more families will qualify for the program from April 2028 due to expanded eligibility criteria.

Families that receive Universal Credit, particularly those with caring responsibilities, stand to benefit significantly from this scheme as their savings could be boosted by a substantial government bonus. HMRC has confirmed the scheme's permanence and shared that increased eligibility will provide much-needed financial support to low-income families. Families are being urged to check whether they qualify for the Help to Save program to take advantage of the potential benefits.

The expansion of the Help to Save scheme is a strategic move by the government to assist more working households as they face financial challenges. By making savers eligible for further bonuses, the government aims to provide financial stability and encouraging saving habits. This initiative symbolizes a long-term commitment by the HMRC to support families in managing their finances better during tough economic times, and it serves a significant role in enhancing the living standards of low-income households across the UK.