Coalition heeds TISA’s recommendations for children’s savings
TISA is pleased that its recommendation to the Coalition government for a scheme specifically focused on saving for children has been accepted. The announcement by Financial Secretary to the Treasury Mark Hoban that a new tax-free children’s savings account, described as a ‘Junior ISA’, is to be created will be key to helping families make provision for their children’s future.
In addition to building a financial reserve for future needs, the children’s savings account will crucially also provide a focus for financial literacy and financial inclusion.
Carol Knight, TISA Head of Member Services says:
“We fully support this announcement. Following the decision that children born after the end of this year will not qualify for a Child Trust Fund there has been a real need for a scheme that is attractive to the consumer, is simple, provides choice, flexibility and variety and that is built on a brand they can trust.
“There is an increasing awareness of the need to take personal responsibility for the future whether it be retirement, higher education or housing. Many parents even now are making financial sacrifices to help children through university or onto the housing ladder so this new savings scheme will play an essential role by providing a vehicle which the public feels comfortable with and will help families make provision for the future.”
TISA will continue to work with HM Treasury to help develop a structure for this new savings account which best meets the needs of parents and their children and is practical for the industry to deliver.
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For further information, please contact:
Carol Knight, Head of Member Services, TISA – Tel: 01642 666989, Mobile: 07967 317003
Issued on behalf of TISA by Cauldron Consulting, contact Steve Radford – Tel: 020 3178 7238, Mobile: 07889 903786 Email: steve.radford@cauldron-consulting.com
Notes for Editors
The Tax Incentivised Savings Association (TISA)
TISA is the premier industry funded body in the UK retail savings and investment industry. By engaging with member firms, government, political parties, regulators and consumer groups TISA’s ultimate goal is always to further consumers’ best interests. It seeks to improve the range, features and quality of savings and investment schemes available whilst encouraging more people to save for their financial security and peace of mind. Uniquely, TISA is able to articulate the opinions of the whole savings and investments marketplace through its membership comprising over 120 member firms involved in the supply or distribution of products. TISA’s remit extends across the broad spectrum of government sponsored savings and investment vehicles.