Former Pensions Minister Ros Altmann is seriously concerned about Lifetime Isas. Designed to allow young people to save for a home and retirement at once, the new Isas are set for launch today.
But Lady Altmann worries that young people who open one for any reason other than the short-term goal of buying a home will blight their finances for their whole lives.
Lifetime Isas should be abandoned. The Government should stop confusing young people between retirement investment and saving for a house deposit – just reform the Help To Buy Isa and build on the success of auto-enrolment for pensions.
The product is too complicated, will confuse customers and the last thing we need is another mis-selling scandal.
Disclaimer: The opinions expressed by our writers are their own and do not represent the views of Getting Money Wise. The information provided on Getting Money Wise is intended for informational purposes only. Getting Money Wise is not liable for any financial losses incurred. Conduct your own research by contacting financial experts before making any investment decisions.