This Government-funded savings top up is a once-in-a-lifetime opportunity. Yet too many people fail to take advantage and could miss out on up to £33,000 in total as a result.
The tax-free Lifetime Isa offers cash incentives help to savers aged from 18 to 39 build a deposit towards their first property, or save for retirement.
Once you have set one up, you can continue saving to age 50 if you wish.
If you contributed the maximum amount every year from age 18, you could get £33,000 worth of free bonuses.
For every £4 saved in a Lifetime Isa, also called a Lisa, the government adds another £1, a bonus of 25 percent.
Savers can pay in up to a maximum £4,000 a year, which would give them a £1,000 bonus.
Anybody who is eligible but does not get round to setting one up is effectively turning down free money from the Government.
You cannot set up a Lifetime Isa for others as a Christmas gift, but you can offer to deposit money as an incentive to do it themselves, said Jason Hollands, managing director of online investment service Bestinvest.
“Only the account holder can open a Lisa but…
