The Saving Gateway and the Child Trust Fund: Is asset-based welfare 'well fair'?

Emmerson, Carl; Wakefield, Matthew

doi:10.1920/co.ifs.2001.0085

Cited by 21 publications

(25 citation statements)

References 20 publications

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“…For there to be positive saving in the Saving Gateway account and also a reduction in total asset holdings, requires that, on the optimal saving path, every £ 1 saved in the Saving Gateway is associated with more than £ 1 dissaved in the bank account. That asset-holding actually falls is a stronger …nding than that implied by the pure borrow-to-save strategy discussed in Emmerson and Wake…eld (2003), under which every £ 1 saved in the Saving Gateway is precisely o¤set by £ 1 dissaved elsewhere.…”

Section: Asset-holdingmentioning

confidence: 94%

“…While there remains an important debate as to the merits of asset-based welfare more generally (see e.g. Emmerson and Wake…eld, 2001), this paper focuses on its proposed implementation in the form of the Saving Gateway.…”

Section: Introductionmentioning

confidence: 99%

“…3 Concerns have also been raised about the targeting of the Saving Gateway, since a substantial minority of those on the lowest incomes have more than £ 500 in …nancial assets and, of the remainder, many may have good reasons for not saving (Emmerson and Wake…eld, 2003). Using simple numerical examples, Emmerson and Wake…eld (2003) also discuss ways in which the introduction of the Saving Gateway might a¤ect the optimal savings decisions of participants. In particular, the authors argue that the scheme might provide incentives to transfer existing assets into Saving Gateway accounts, and to borrow from other sources in order to maximise the balance of the Saving Gateway account.…”

Section: Introductionmentioning

confidence: 99%

“…In this paper I extend the analysis of Emmerson and Wake…eld (2003) by o¤ering a detailed appraisal of the implications of the Saving Gateway for optimal saving behaviour before, during, and after participation in the scheme.…”

Section: Introductionmentioning

confidence: 99%

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The Saving Gateway: Implications for Optimal Saving*

Rablen¹

2010

Fiscal Studies

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The Saving Gateway is a government saving initiative aiming to 'kickstart a saving habit for those on low incomes'. Funds saved in a Saving Gateway account up to a monthly limit are matched by the government at a rate of £ 0.50 per £ 1 saved after two years. A Saving Gateway account is embedded alongside an ordinary interest-bearing account in a simple lifecycle savings model to assess the implications of the scheme for optimal saving. Among the …ndings are that, for agents with access to credit, the Saving Gateway is associated with a fall in saving during the life of the account and a rise in consumption. However, the scheme increases saving by the credit constrained. On their own, empirically plausible levels of habit formation in consumption preferences have too small an e¤ect on saving to justify the scheme.JEL Classi…cation: D91, H30

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Section: Asset-holdingmentioning

confidence: 94%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

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The Saving Gateway: Implications for Optimal Saving*

Rablen¹

2010

Fiscal Studies

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“…Other commentators have challenged these findings, or conducted other research that is more doubtful about the asset‐effect (Emmerson and Wakefield 2001; McKay and Kempson 2003). For example, Emmerson and Wakefield have raised several questions about the NCDS study.…”

Section: Theoretical Strand One: Social Policymentioning

confidence: 99%

The Assets Agenda and Social Policy

Prabhakar

2009

Soc Policy Adm

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The assets agenda or asset-based welfare has provoked much interest in recent times. This approach insists that the stock of assets that a person owns is an important element of well-being. The assets agenda is not a unified body of thought. However, there is a common failure to distinguish between these different parts, and this clouds rather than clarifies debates. This article seeks to add analytical clarity to current debates about asset-based welfare. I distinguish between social policy and citizenship, and consider their implications for social policy. This discussion is important because analytical clarity is a precondition for a balanced assessment of asset-based welfare.

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Access to Investments and Asset Building for Low Income People

Braga

New Frontiers in Banking Services

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The Saving Gateway and the Child Trust Fund: Is asset-based welfare 'well fair'?

Cited by 21 publications

References 20 publications

The Saving Gateway: Implications for Optimal Saving*

The Saving Gateway: Implications for Optimal Saving*

The Assets Agenda and Social Policy

Access to Investments and Asset Building for Low Income People

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