Millennial Money: 'If the LISA dies a quick death I'd be OK with that'

Millennial Money – Episode 4

Hannah Godfrey
clock • 2 min read

In PA's latest Millennial Money episode, where experts dissect the money issues that matter most to millennials and those who advise them, Steve Webb says he would not be sad to see the back of the Lifetime ISA (LISA).

When asked about the merits of the savings wrapper, the former pensions minister describes it as a confused product because it tries to support both long and short-term investment tactics in its bid to help savers work towards buying a house and save for retirement. "What is the right investment strategy for a product that is both long-term and short-term?" he muses. "To be honest, if it were to die a quick death, I wouldn't be too sad about it." The LISA allows those aged between 18 and 50 to save up to £4,000 a year towards a pension or a first home tax-free, with the promise of a 2...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Retirement

PA360: Crucial advisers can spot all vulnerability characteristics

PA360: Crucial advisers can spot all vulnerability characteristics

‘It is highly likely people in decumulation will have a vulnerability’

Hope Coumbe
clock 26 April 2024 • 1 min read
Inflation shocks driving another long uptick in annuity sales

Inflation shocks driving another long uptick in annuity sales

‘Customers should be careful that this is the right decision for them’

Hope Coumbe
clock 23 April 2024 • 1 min read
Advisers warn market volatility will threaten retirement plans

Advisers warn market volatility will threaten retirement plans

More than half expect clients to postpone or change plans

Isabel Baxter
clock 26 March 2024 • 2 min read