Question to the HM Treasury:

To ask Mr Chancellor of the Exchequer, what barriers to investing in savings by people aged under 30 his Department has identified.

We have increased the amount of money that people can save in their ISAs annually to a record £20,000 and introduced a Personal Savings Allowance of up to £1,000. Thanks to these measures over 95% of people pay no tax on their savings income. In April 2017 the government also introduced the Lifetime ISA, allowing younger people to receive a 25% bonus from government on savings of up to £4,000 annually. This encourages the next generation to get into the habit of saving and helps them to simultaneously save for both a first house and for later life, with the same product.