Should you get your child a Junior ISA?

It’s important to save for children with a Junior ISA, allowing up to £9,000 per tax year, but consider maximizing your own £20,000 ISA allowance first for flexibility and access to funds in emergencies. Concerns arise about giving 18-year-olds legal ownership of the money, as they may not be financially responsible; it’s crucial to instill good money habits early and ensure financial stability before committing to a Junior ISA. While a Junior ISA may make sense for gifted money or Child Trust Fund transfers, prioritize your own financial safety net and annual tax-free allowances before locking funds away with limited control over their use at 18.

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