Nearly 1m Junior Isa accounts received zero contributions in 2023-24

Nearly one million Junior Isa accounts received no top-ups in the year 2023-24, according to figures from HM Revenue and Customs (HMRC).

The figures were analysed following a freedom of information (FOI) request on behalf of Nottingham Building Society, which said around two in five Junior Isas had no money added to their account over the entire year in 2023-24.

It found that around 967,000 Junior Isas (Jisas) received no contributions in 2023-24, up from 869,000 in 2022-23.

HMRC also said there were 2,367,000 Junior Isa accounts in 2023-24, up from 2,167,000 in 2022-23.

All of the figures were rounded to the nearest 1,000.

The number of Junior Isas with no contributions in a given year has grown at a faster percentage rate than the number of Jisas in existence, the building society found, indicating a widening gap between intent and action. The figures may reflect families grappling with cost-of-living concerns.

Between 2020–21 and 2023-24, the total number of Jisas has risen by 37%, while the number of accounts receiving no contributions in a given tax year has jumped by 45%.

Some 78,000 Jisas received the full £9,000 subscription in 2023-24, representing around 3% of the total number of Jisa accounts.

Nearly three-quarters (73%) of Jisas had less than £500 deposited in them during the year 2023-24 and 92% received deposits of less than £2,500.

Harriet Guevara, chief savings officer at Nottingham Building Society, said: “Junior Isas are meant to help families build a financial head start for their children, but these figures suggest a growing number of accounts are effectively sitting empty – and that’s a warning light.

“When around two in five Jisas receive no contributions in a year, it points to the real pressure families are under. The data suggests that many parents are opening accounts for their children with all the right intentions, but that day-to-day costs are crowding out long-term saving.

“Child savings should not be something only a small minority of people can fully use. The priority should be making it easier for families to contribute what they can – little and often – and ensuring the system supports genuine financial resilience, not just high contributions.”