Nearly half of millennials are willing to open a Junior ISA to help give someone else’s child a financial foot up, according to research by Scottish Friendly.
The findings form part of the mutual’s campaign to relax current JISA rules and remove the restriction on who can open a JISA on a child’s behalf. As it currently stands, only a child’s parents or legal guardian is allowed to open an account.
Scottish Friendly said a small change to the rules could help more children to enter adulthood on a firmer financial footing than they might do otherwise.
In addition to the 49% of millennials expressing a willingness to open a JISA on behalf of a child that wasn’t their own, 36% of Gen Z said the same, as well as a third (33%) of Gen X and 26% of Baby Boomers.
The research also showed appetite amongst parents for the rule change, with 52% of mums and 46% of dads keen to see extended family and friends allowed to open a JISA on their child’s behalf. Just 5% of UK parents said they wouldn’t want anyone other than the parent or legal guardian to be able to open a JISA.
Kevin Brown, savings expert at Scottish Friendly, said: “Our recent research further highlights the real need that sits behind our campaign to get the JISA rules changed to allow more of today’s adults with the means and the time to do so, to step up to help out the next generation.
“There is clear appetite amongst parents to let others help out and a significant – and growing – proportion of UK adults willing to do it. The one small change to the JISA rules we are campaigning for has the potential to make a real difference to future generations.”
Main image: aamir-suhail-ATlRqTCbvV4-unsplash
