Martin Lewis has urged parents to spend £1 immediately to help towards their child's future.
The Money Saving Expert founder has advised parents of teenagers about to turn 18 to put a minimum of £1 into a Lifetime ISA.
Appearing on This Morning on Tuesday (20 February), he said: “The state adds 25 percent on top of what you've saved. You can put a maximum of four grand a year, so that means £1,000 of free money from the state each year for up to 31 years.”
However, if you withdraw money for any other reason other than buying a home, it could see you losing out on 25 percent of your money instead.
Lewis added: “So my big tip to anyone this may be worthwhile for is to get £1 in.”
