Junior ISAs: Saving for the next generation
by ReportLinker.com on Apr 24, 2012
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The retail savings market is set to increase in importance as financial institutions battle for deposit funding. JISAs are dedicated children's savings accounts that offer providers an opportunity to ...
The retail savings market is set to increase in importance as financial institutions battle for deposit funding. JISAs are dedicated children's savings accounts that offer providers an opportunity to tap into a new source of deposits. Launched in November 2011, JISAs are new to the market, heightening the need to appreciate what consumers want from these products.Harness primary insight to understand the attitudes of consumers.Sculpt more targeted strategies through a greater understanding of how the consumers' appetite for JISAs varies demographically.Use Datamonitor's forecasts to help inform your future plans.Understand what product features will appeal to consumers.Discover which providers are currently active in the market and the details of their product offerings.Compared to the discontinued Child Trust Fund (CTF), JISAs offer parents far more flexibility in terms of where and how the savings are invested. This flexibility has increased consumer appetite for exposure to stocks and shares.Affordability is the most important reason for not opening a JISA account. Unlike CTFs, JISAs do not come with a government contribution and this is likely to disincentivize poorer families.Parents of a young age, high income earners, and parents with one child are the most likely to open a JISA. However, consumer awareness of JISAs is low and the majority of parents are unlikely to open a JISA.What factors will affect consumer demand for JISAs'Who is likely to open a JISA'What will be the size of the JISA market in 2013'What products are currently available on the market'What other options do parents have to save for their children'
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