The opening of Junior ISA accounts has failed to meet expectations, as just 72,000 Junior ISA accounts have been opened in the first five months of the scheme’s availability.
The current uptake equates to nearly 6 percent of the 1.2m Junior ISA’s that are expected to be opened up by parents.
Uptake of the savings vehicle pales into insignificance when compared to the initial launch of Child Trust Funds when first launched in 2005.
However, there is optimism that parents may look to take advantage of Junior ISA’s when the economy recovers and they have more funds available.
Junior ISA explained - the fundamentals of a Junior ISA
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