{"id":218315,"date":"2025-12-06T09:30:11","date_gmt":"2025-12-06T09:30:11","guid":{"rendered":"https:\/\/www.europesays.com\/ie\/218315\/"},"modified":"2025-12-06T09:30:11","modified_gmt":"2025-12-06T09:30:11","slug":"martin-lewis-urges-anyone-under-this-age-to-put-1-in-account-now-personal-finance-finance","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ie\/218315\/","title":{"rendered":"Martin Lewis urges anyone under this age to put \u00a31 in account now | Personal Finance | Finance"},"content":{"rendered":"

Martin Lewis is urging people to put \u00a31 in an account now if they\u2019re in the right age group – because it could allow them to get a huge boost to their savings in future.<\/p>\n

In the Budget, Chancellor Rachel Reeves<\/a> announced a consultation about scrapping Lifetime ISA (LISA) accounts and replacing them with a new product instead.<\/p>\n

The LISA allows anyone aged from 18 to 39 to put money into a tax-free savings account in order to buy their first home, with the amount being topped up with a 25% bonus. Those who don\u2019t use it to buy a house can instead switch it to a retirement savings account they can access aged 50.<\/p>\n

However, the LISA has come under fire for withdrawal penalties, especially as the cap on house purchases hasn\u2019t kept up with house price inflation.<\/p>\n

On The Martin Lewis<\/a> Money Show Live on ITV1<\/a> and ITVx on Tuesday, December 2, the money expert fielded a question about LISAs in the wake of the changes being announced.<\/p>\n

There, he urged people in a similar age bracket to open a LISA with \u00a31 now, just in case they may need it in the future.<\/p>\n

An audience member aged in his \u2018early 30s\u2019 who already owned his own house asked Martin: \u201cIs it still worth me continuing to add to my Lifetime ISA<\/a> given the speculation about it changing soon.\u201d<\/p>\n

Martin then told him: \u201cSo the only reason you\u2019d do it is for retirement savings because you can\u2019t get the bonus twice.\u201d<\/p>\n

Martin then checked that he was a PAYE employee who is already maxing out his pension before adding: \u201cIt\u2019s better than saving in a normal savings account because you get a 25% bonus on top.<\/p>\n

\u201cI think what I\u2019d say to you is we\u2019re in a limbo stage. I think it would be unthinkable for them to close the Lifetime ISA and not give you the bonus aged 50. I think the worst is they\u2019d stop you putting any more money in.<\/p>\n

\u201cSo, what I would say, funny I\u2019ve just thought of this as I\u2019m talking now, what I\u2019d say to anybody of this age, even if you\u2019ve bought a house and you haven\u2019t got a Lifetime ISA, put \u00a31 in one now, just in case they do close it down and later you wanted to use it for retirement. You\u2019ve got that facility.<\/p>\n

\u201cBut I\u2019d probably, and the Chancellor would hate me saying it, I\u2019d sort of be in limbo at the moment and wait and see what happens in that consultation before I put too much more money in, because we don\u2019t know where we\u2019re going.<\/p>\n

\u201cBut my guess is they\u2019ll keep it open for people like you who\u2019ve opened one, but not allow anybody new to have the same situation that you\u2019ve got.\u201d<\/p>\n

Commenting on the news of the consultation on LISAs, Carol Knight, CEO of \u00a0The Investing and Saving Alliance, said: \u201cThis is a moment for sensible reform of the Lifetime ISA, not a rush to scrap it. LISAs have helped a generation of first-time buyers save for a deposit and, crucially, given many \u2013 particularly the self-employed \u2013 a simple, engaging way to build retirement savings.<\/p>\n

\u201cAs the government consults on a new ISA<\/a> for homebuyers, it must protect the strengths of the LISA and give clarity and fair treatment to existing savers \u2013 not dismantle a product that is already delivering for those trying to save for both a first home and later life.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Martin Lewis is urging people to put \u00a31 in an account now if they\u2019re in the right age…\n","protected":false},"author":2,"featured_media":218316,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[177],"tags":[79,18,19,17,55535,2770,118190,29863,2987,234,235,3887,4036,118191],"class_list":{"0":"post-218315","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-personal-finance","8":"tag-business","9":"tag-eire","10":"tag-ie","11":"tag-ireland","12":"tag-isa","13":"tag-itv","14":"tag-lifetime-isa","15":"tag-martin-lewis","16":"tag-pension","17":"tag-personal-finance","18":"tag-personalfinance","19":"tag-retirement","20":"tag-retirement-savings","21":"tag-uk-budget-consultation"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/218315","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=218315"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/218315\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/218316"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=218315"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=218315"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=218315"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}