Julie Rain, savings and loans officer for the associations, is working with the Dunfermline Building Society to promote the scheme, which its claimed can help tenants get into mainstream finance and stop using doorstep lenders.

She said 58% of Scots in households with an income under £10,000 had no savings.

“For many, credit or more debt is the only way to budget for larger purchases,” she said.

Pam Bolton, Home Scotland director of community development, said, “We are delighted to be part of such a worthwhile scheme, which encourages our tenants in Dundee to save money and eventually apply for a loan they may otherwise have been excluded from.”

The launch will take place at Dundee City Chambers tomorrow, with tenants welcome to attend between 12.30pm-4.00pm to find out how the scheme can benefit them.