Scotland leads the way in starting children’s savings

  • Investor Index shows that the number of JISAs opened by Scottish savers was up 225%, since 2019 when the index was launched

  • However, the cost-of-living crisis continues to restrict the amount that savers can afford to put away each month in regular contributions


Scottish Friendly’s latest Investor Index has shown that since 2019, Scottish savers have opened more Junior ISAs (JISAs) than the rest of the UK, but rising cost pressures are limiting the amount people can save.

The leading financial mutual’s quarterly study of its members’ investment trends revealed that since the index was launched, five years ago, the number of JISAs opened by its Scottish members was up 225%, beating every other region in the UK.

However, the amount being put into JISAs by Scottish savers was down 31% over the same period, suggesting that the continued cost-of-living pressures are still restricting how much people can afford to put away.

Scotland was not the most impacted region however, with the East of England and West Midlands faring worse, down 39% and 38% respectively. The only region to see more money put into JISAs since 2019 was the South East, increasing by 34%.

Across the whole of the UK, the index also revealed that more women were opening JISAs versus men. Since the index launched, the number of new JISAs opened by women is up 128% compared to men (up by only 101%).

Scottish Friendly’s savings specialist, Jill Mackay commented on the data: “We’re continuing to see the shift of families saving for their children, even with ongoing cost pressures.

“From our recent Family Finance Tracker, we also know that over a third of Scottish households (35%) would describe their overall financial position right now as ‘uncomfortable’.

“Understandably being able to set aside a lot of money may not be an option with day-to-day cost pressures as they are. But starting as soon as possible and just putting a little away into a stocks and shares JISA could build to be a substantial amount over time.

“More can be done here too from a policy point of view to support those wanting to save for children. We believe that children’s savings could get a real boost if JISA rules were relaxed to allow other family members, such as grandparents, to be able to open up JISAs. Giving children a better financial foundation for when they enter adulthood can only be a good thing, and removing this barrier could make a real difference.”






Chris Tuite, Director and Head of Consumer Finance at MRM

07471 350 810

[email protected]



Remember that the value of investments can go down as well as up and the child could get back less than you paid in.

Past performance is no guide to future results. Tax treatment depends on individual circumstances which can change in the future.


Notes to editor:

About Scottish Friendly

Scottish Friendly is a leading UK mutual life and investments organisation. It provides investors and their families with a wide range of investment and protection solutions and provides life and investment products and services to other financial organisations.

Scottish Friendly has roots stretching back to 1862. Established as the City of Glasgow Friendly Society, its name changed in October 1992 when it took over Scottish Friendly Assurance.

The Group continues to flourish through a three-part growth strategy of organic growth, mergers and acquisitions, and business process outsourcing.

Scottish Friendly, Galbraith House, 16 Blythswood Square, Glasgow, G2 4HJ

Scottish Friendly Assurance Society Limited. Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Scottish Friendly Asset Managers Limited.  Authorised and regulated by the Financial Conduct Authority.