New research among people saving or investing into Junior ISAs (JISAs) has revealed 19% expect the funds to be worth over £40,000 by the time the children they have been opened for reach 18.

Over four in five (82%) parents and relatives who invest in Junior ISAs have been using them to invest for children and young relatives since they were under five - but 80% will wait until their recipients are over 16 before telling them, missing an opportunity to help young people learn more about personal finance, says a provider.

Chancellor Philip Hammond has frozen the adult ISA allowance for 2019/20 at £20,000 but opted to increase the Junior ISA allowance in line with CPI to £4,368.

NS&I has launched a new Junior ISA which will offer a 2% tax free interest rate.