This week, the Government launched Junior ISAs (Individual Saving Accounts for under 18s - JISA). JISAs are replacing Child Trust Funds (CTF) that were scrapped by the government in May last year. A new report by the Institute for Public Policy Research called Asset Stripping: Child Trust Funds and the Demist of the Assets Agenda asks whether these JISAs will be effective in getting families - especially low-to-middle income earners – to build assets for the future.
The Child Trust Fund was a rare example of ‘asset-based welfare’ policy. Designed and implemented by the previous Labour Government, these policies offered opportunities for families to build assets that had never existed before. Universal and progressive in provision, the Child Trust Fund was unique and meant that every child in the UK would have an asset from birth.
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