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Holidays, Homes or ISAs

A recent survey of those in the Millennial and Gen Z age groups found that one third were considering fund-building in a Stocks & Shares ISA. Saving for a holiday came top of the money savings list, followed by building an ‘emergency’ fund.

Whilst saving for a first home didn’t make the top three in that report, another recent survey showed a fivefold increase in popularity of Lifetime ISAs as a home purchase vehicle. That survey from Moneybox also revealed that, in the year to March 2023, more buyers in Bristol took advantage of Lifetime ISAs to help with their purchase than anywhere else. That puts Bristol top of the LISA league for the third year running, coming in this time ahead of Manchester, Sheffield and Birmingham.

Lifetime ISAs are fairly prescriptive, with penalty-free withdrawals only allowed for those buying their first home, aged 60 or over, or terminally ill. Those who prefer more flexibility for their long-term savings plans, albeit without the government bonus that comes with LISAs, may opt instead for a regular cash or Stocks & Shares ISA.

If you are looking for advice on investments or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.