13% of parents or grandparents planning to open a junior Isa
One in eight (13%) parents or grandparents plan to pay into a Junior Isa this tax year, according to ethical bank Triodos.
The figures reveal the nation’s children stand to benefit from a potential Junior Isa nest egg of £3.7 billion, with each parent or grandparent planning to contribute an average of £1,017 this coming tax year.
Triodos Bank is urging parents and grandparents planning to start up a nest egg for their children or grandchildren to consider how they might pass on ethical as well as savings habits.
The bank only lends its savers’ money to people and organisations who are working to make a positive impact on society and the environment, such as Jamie’s Farm. This family-run project acts as a catalyst for disadvantaged, mainly urban children to make positive changes, by providing a unique combination of family, farming and therapy.
Via the website www.knowwhereyourmoneygoes.co.uk, or even by visiting in person, children and grandchildren can be taken see the projects their nest eggs are helping fund, such as the solar electricity installation at Glastonbury’s Worthy Farm, Hugh Fearnley-Whittingstall’s River Cottage, green power company Ecotricity and more than 800 other sustainable enterprises.
Huw Davies, head of personal banking at Triodos Bank, said: “We are very proud to offer the UK’s first ethical Junior Cash Isa, and to give parents and grandparents the option of saving ethically for the next generation. More and more savers are beginning to question their bank’s ethics and how money is used when on deposit. With a new Junior cash Isa ethical saving option there is no better time to act on their concerns. We believe parents should encourage children to save for the future and also educate them about how their savings can be used to bring positive change to the world in which they’ll grow up.”