Hampshire MPs say £6,000 is considered enough money to change a person's life

Kit Malthouse MP for North West Hampshire, quoted the statistic while speaking during a reading of a Government bill in the House of Commons.

MPs were debating the Savings (Government Contributions) Bill, which seeks to help people find new ways to save funds, when it was revealed that the amount was considered ‘change-your-life money’ by a quiz show.

Mr Malthouse said: ‘A great friend of mine works in television. Many years ago, he was devising a new quiz show and he wanted to work out what kind of prize money he should be offering.

‘In this age of the lottery, he thought they were going to come back with hundreds of thousands of pounds. In fact the answer came back as just over £6,000.’

Suella Fernandes, MP for Fareham, intervening said: ‘Change-your-life money is £6,000 and the Money Advice Service recently found that 21 million families have less than £5000 in savings.’