Many parents in the dark on tax on children's savings interest

'There will be lots of people unnecessarily paying tax this year'

clock • 3 min read

Laura Suter issues some wake-up to diligent parents squirrelling away money for their children...

Anyone in this industry, no matter how hard they try, will at times find themselves in the finance bubble and forget how the average person views financial services. I'm guilty of it too - but I saw a figure last week that served as a healthy wake-up call as to the knowledge level of many people out there. Almost half of people said they don't know how tax works on Junior ISA accounts - meaning they didn't know whether they were tax-free or taxable. Based on the research carried out by Opinium for AJ Bell of 2,000 UK adults, 37% could correctly identify that Junior ISAs were tax-fr...

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