Under the current rules, only parents or legal guardians can open a JISA for a child. But with 51% of parents in Scotland admitting they haven’t opened one for their child, expanding access could unlock much better financial futures for more children across the country.

Scottish Friendly’s research shows that 28% of parents in Scotland would like grandparents to be allowed to set up a JISA to help give the child a financial leg up as they enter adulthood.

Some parents want to reform the rules even further, though, with an additional 6% wanting others (including step-parents, other relatives, friends, and carers) also to be able to set-up.

The research also shows that one in five (20%) Scottish adults would consider opening a JISA for a child that wasn’t their own if the rules were changed.

The research comes at a time when families are under growing pressure, with 29% of adults in Scotland saving less than they were a year ago. 66% said this was down to the rising cost of living, 22% because of stagnant wages, and 16% because of the UK’s current political situation, making it harder than ever for parents to prioritise saving and investing.

Among Scottish parents who haven’t opened a JISA, the majority (36%) said they merely hadn’t got around to it, although 21% said they were unable to save, and 19% said they hadn’t opened a JISA because they didn’t know anything about the account.

Scottish Friendly’s number crunching shows how starting early could make a significant difference. Parents investing £50 a month from birth into a global equity fund could leave a child with over £32,000 by age 18 – compared to just under £8,000 if they started when the child was 10. (A full breakdown is provided in the two tables in Notes to Editor.)

Kevin Brown

Scottish Friendly savings specialist Kevin Brown said: “Families across Scotland are grappling with a rising cost of living, stagnant wages, and broader economic uncertainty, meaning saving or investing for a child’s future often slips down the list of priorities.

“Our research shows that over half of Scottish parents have yet to open a Junior ISA for their child, and many who do tend to wait until the child is at least four years old, thereby missing out on crucial early years of investment growth.

“You can’t put a price on the benefit of building greater financial resilience, but you can put a pounds and pence number on the impact of delaying action. The earlier you start, the bigger the potential long-term impact. Even modest contributions, if invested from birth, can grow into a meaningful sum by the time a child turns 18, thanks to the power of compounding. That can make all the difference as they enter adulthood, enabling them to start out on a sound financial footing.”

Mr Brown continued: “We believe the rules around JISAs need to reflect how families live and save today, both in Scotland and elsewhere in the UK.

“In many households, grandparents are already playing a vital financial role – whether that’s helping with childcare, bills or everyday expenses. Giving them the ability to open a JISA directly would be a practical change that could ease the burden on parents and increase the number of children benefiting from long-term saving and investing.

“This is about giving families more flexibility, more support and more opportunity to build a better financial future for the next generation. It’s time the system caught up with the reality of modern family life.”