Money-strapped mother and father unable to pay into kids’s Junior ISA accounts

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Your help makes all of the distinction. Learn extra Practically a million Junior ISA accounts acquired no new funds within the 2023-24 monetary 12 months, new figures from HM Income and Customs (HMRC) reveal, highlighting the continuing impression of the cost-of-living disaster on households.

An evaluation of the HMRC information, performed by Nottingham Constructing Society following a freedom of data request, discovered that roughly 967,000 Junior ISAs (JISAs) noticed no contributions throughout the 12 months.

This marks a rise from 869,000 accounts within the earlier 12 months, 2022-23.

The constructing society famous that round two in 5 Junior ISAs had no cash added over all the 12 months.

Whereas the entire variety of Junior ISAs grew to 2,367,000 in 2023-24, up from 2,167,000, the speed at which accounts acquired no contributions outpaced this progress. All figures have been rounded to the closest 1,000.

This development suggests a "widening hole between intent and motion," in keeping with the Nottingham Constructing Society, indicating that households are seemingly combating monetary pressures.

<img src="https://static.independent.co.uk/2026/02/12/14/bb6fb507b3a387e123f9ef2c91b03661Y29udGVudHNlYXJjaGFwaSwxNzcwOTkxNTI0-2.20534042.jpg" srcset="https://static.independent.co.uk/2026/02/12/14/bb6fb507b3a387e123f9ef2c91b03661Y29udGVudHNlYXJjaGFwaSwxNzcwOTkxNTI0-2.20534042.jpg?quality=75&width=320&auto=webp 320w, https://static.independent.co.uk/2026/02/12/14/bb6fb507b3a387e123f9ef2c91b03661Y29udGVudHNlYXJjaGFwaSwxNzcwOTkxNTI0-2.20534042.jpg?quality=75&width=640&auto=webp 640w" loading="lazy" alt="The number of Junior Isas with no contributions in a given year has grown at a faster percentage rate than the number of Jisas in existence, Nottingham Building Society said" class="sc-1mc30lb-0 ggpMaE"/> The variety of Junior Isas with no contributions in a given 12 months has grown at a sooner share charge than the variety of Jisas in existence, Nottingham Constructing Society mentioned (PA Archive) Between 2020–21 and 2023-24, the entire variety of Jisas has risen by 37%, whereas the variety of accounts receiving no contributions in a given tax 12 months has jumped by 45%.

Some 78,000 Jisas acquired the complete £9,000 subscription in 2023-24, representing round 3% of the entire variety of Jisa accounts.

Practically three-quarters (73 per cent) of Jisas had lower than £500 deposited in them throughout the 12 months 2023-24 and 92 per cent acquired deposits of lower than £2,500.

Harriet Guevara, chief financial savings officer at Nottingham Constructing Society, mentioned: “Junior Isas are supposed to assist households construct a monetary head begin for his or her kids, however these figures recommend a rising variety of accounts are successfully sitting empty – and that’s a warning mild.

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“When round two in 5 Jisas obtain no contributions in a 12 months, it factors to the true strain households are beneath. The info means that many mother and father are opening accounts for his or her kids with all the appropriate intentions, however that day-to-day prices are crowding out long-term saving.

“Baby financial savings shouldn't be one thing solely a small minority of individuals can absolutely use. The precedence must be making it simpler for households to contribute what they will – little and sometimes – and making certain the system helps real monetary resilience, not simply excessive contributions.”