Savings limits - time for it to be upped?

[Goose38]

Just wondering if anyone knows if there’s any plans for the savings limit to be upped .
I think it’s crazy it’s been capped at 16k for so many years, this needs updating.
How is anyone meant to improve their lives with such a low limit . If anyone knows of any government petitions etc would be grateful.

That's 8 months wages for me, I could only dream of having that amount of savings so no it's not really that low at all

What would you change it to if you were Prime Minister and what services would you cut to fund it?

No way... I work a full time job plus an evening job and don't have those savings.
I have tried to improve my life with a extra job for the last 5 years but I can't save much.

No it should be lowered. If you can save 16k you don’t need benefits

I don't have any. How are people getting savings on low incomes?

why would anyone needing benefits if they sit on that sort of money????

Goodness no.
£16,000 it would take us a decade to save that and we have a household income of nearly £60,000.

I'm not aware of any plans, and indeed I would lower it and perhaps have some tapering once you are near or below the limit.

No, I'd say it's very generous as it is. If you have £16k tucked away, you're able to weather a lengthy disruption in your income which is unlikely for someone on benefits - they'll either get a job or carry on claiming.

Should they not be allowed to save at all?

@IVFmumoftwo why should tax payers pay for other people’s savings

Sorry but why should I subsidise someone who has more than £16k in savings, when I, who works full time, doesn’t have that amount of savings? And I certainly don’t agree with it being raised.

Personally I think it should be reduced to £10k so if you have savings over that you use it to live on first,

It’s a large amount of savings to have, so no I don’t think so - there is support already for first time buyers if you're saving for a deposit?

If you have 16k savings you don’t need benefits.

We have to allow some savings. You don't think I should have some set aside if my boiler goes whilst on UC? In a way if you can save whilst on that low an income it should be admired.

I am not talking the owning two houses and £50k of savings I have seen from tax credits claimants.

Why should our taxes go to supporting somebody with 16k in savings? I receive no benefits and I don’t even have 5k in savings. If anything it should be reduced.

People on benefits aren't supposed to "improve their lives"

A number of people use tax payers for their savings such as saving child benefit and it be seen as normal and sometimes actually encouraged. People should be able to make some savings and for those on UC without savings they are likely to end up paying more through poverty tax. So more tax payer money because they don’t have the funds available to them and have to pay higher interest rates. I do not believe the limit should be increased because £16,000 is a lot of money and money a lot of households do not have access to but, in an ideal world, everybody should be able to build up some savings.

It doesn’t need increasing. Having more than 16k and being on benefits is like having your fridge full and still going to the food bank

Good point. If you are so wealthy as to just save it all then may as well take it off them too. 👍

No, it's plenty.

Exactly. SomE savings have to be allowed. But I also think that raising it wouldn't be right. I think it is quite fair as it is to be honest

It's already tapered after £6k and stops at £16k

16k is enough for emergencies, that’s it really.

6 months wages for me. I earn too much for any help and run my household with 2 DC, alone.
Nope. It shouldn't be raised.