Kevin Brown

Meanwhile, the same research shows a continued rise in support amongst the UK public for reforming JISA rules to remove the barrier which currently stops extended family and friends from acting on their philanthropic instincts.

The findings - which are from research conducted in July and August this year among 2,428 UK adults - form part of a growing body of evidence being compiled by Scottish Friendly in support of the modern mutual’s campaign to relax the current JISA rules. Scottish Friendly wants to see the restriction on who can open a JISA on a child’s behalf lifted. As it currently stands, only the child’s parent or legal guardian is allowed to open an account.

Scottish Friendly believes the small change it is proposing to the rules could help many more children to enter adulthood on a firmer financial footing than they might do otherwise. Their research, as highlighted in the bullet points above, also shows clear appetite amongst parents for the rule change, as well as a growing willingness amongst UK adults to step in to help out, especially amongst millennials.

Scottish Friendly is currently lobbying government to get behind its campaign to change the rules to allow extended family, in particular grandparents to open a JISA on behalf of the child, should the parents or legal guardians not have the time or financial means to do so themselves.

Scottish Friendly savings expert, Kevin Brown, said: “Our recent research further highlights the real need that sits behind our campaign to get the JISA rules changed to allow more of today’s adults with the means and the time to do so, to step up to help out the next generation.

“There is clear appetite amongst parents to let others help out and a significant – and growing – proportion of UK adults willing to do it. The one small change to the JISA rules we are campaigning for has the potential to make a real difference to future generations.”