The Money Saving Expert has issued the advice to help young people buy a house in later life
Martin Lewis, the Money Saving Expert, is advising everyone born between 1985 and 2006 to put a pound into a bank account as soon as possible. On Tuesday, March 12, 2024, he returned with a Budget Special edition of the ITV1 and ITVX Martin Lewis Money Show.
Despite his efforts to convince Chancellor Jeremy Hunt to increase this limit, no changes were made. Martin said: "I think it's unfair and it's not your fault house prices have gone up since 2017 but the LISA hasn't and you were encouraged to do what you were encouraged to do. And he didn't do anything."He suggests anyone aged 18 to 39 who doesn't own a home to consider a Lifetime ISA if they're planning to buy a property worth up to £450,000.
The government gives a nice little 25% boost to your savings, which could be as much as £1,000 every year. To get this bonus, the account has to be open for at least a year. Even better, your money doesn't have to stay in the account the entire time, so you can start the account now, add more savings later and still get the bonus.
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