Scottish Friendly has called on The Prime Minister to ensure the initiative has ‘substance’ and focuses on investments as well as cash savings.

Mr Cameron announced the scheme in January and said he would reveal more details during the Budget, which takes place next week.

Calum Bennie, savings expert at Scottish Friendly, said: “With the recent 7th anniversary of low interest rates, it is vital that households are aware of all of their options for saving for their future, including investing in stocks and shares.

“This can only be achieved through clear consistent communication from the government that educates savers about alternatives to cash savings.”

Mr Bennie also called for cross party support to ensure that such a programme, is a long-term success.

He said: “While we have scant information on what David Cameron’s programme will comprise, few can deny that the rationale behind any programme launched to help those struggling to save will be anything but worthy.

“However, the record of governments on programmes aimed at helping and lower income groups to save is patchy at best.

“What is important, is that these schemes are not introduced in order to score political points. Time and again one highly lauded scheme is introduced by one government only to be abolished or watered down to drowning point by the next.”

Mr Cameron, in a speech on life chances on 11 January, revealed his intention to create the scheme.

He said the Government would do more to help people save and help to build “financial resilience” for those with no savings, who he said have "no buffer – no shock absorber – for when unexpected events hit”.

He said: “Saving is a habit that should start early – so we are going to expand the Church of England’s LifeSavers project which helps primary schoolchildren to manage money and learn how to save and we will look at what more we can be done on this vital area.

“So I can announce today that we intend to bring forward a ‘help to save’ scheme to encourage those on low incomes to build up a rainy day fund, and full details of this scheme will be announced at the Budget.

“All of this will help to prevent the relationship strain that can be caused by financial difficulties.”