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Martin Lewis advises investing over saving for Junior ISAs
Martin Lewis, founder of MoneySavingExpert, has advised parents and grandparents to consider investing rather than traditional saving when using Junior Individual Savings Accounts (ISAs).
Lewis noted that because Junior ISA funds are generally locked away until the child reaches age 18, the accounts are well-suited for long-term investments, such as broadly diversified global tracker funds. He suggested that individuals with an existing cash emergency fund should look toward investing for these long-term pots to avoid being overly risk-averse.
Individual Savings Accounts allow for tax-free savings and investments. There are currently four main types: Cash ISAs, Stocks & Shares ISAs, Lifetime ISAs, and Junior ISAs. The total annual deposit limit across all ISA types is £20,000 per tax year.
Entities
Claims
What the coverage asserts, and how many sources carry each claim.
- [● 3 SOURCES] There are four main types of ISA: Cash, Stocks & Shares, Lifetime, and Junior ISAs. www.helensburghadvertiser.co.uk · www.largsandmillportnews.com · www.cotswoldjournal.co.uk
- [● 3 SOURCES] The current annual deposit limit across all ISA types is £20,000 per tax year. www.helensburghadvertiser.co.uk · www.largsandmillportnews.com · www.cotswoldjournal.co.uk
- [● 3 SOURCES] Martin Lewis suggests that most people using Junior ISAs should prioritize investing over saving. www.helensburghadvertiser.co.uk · www.largsandmillportnews.com · www.cotswoldjournal.co.uk
- [● 3 SOURCES] Junior ISAs are suitable for long-term investing because funds are generally inaccessible until the child turns 18. www.helensburghadvertiser.co.uk · www.largsandmillportnews.com · www.cotswoldjournal.co.uk