Nearly one million Junior ISAs left unfunded as rising living costs squeeze family saving 

• Nottingham Building Society’s analysis of HMRC data obtained via a Freedom of Information request shows Junior ISA numbers are rising, but unfunded accounts are increasing faster.
• Almost one million child savings accounts received no contributions in 2023–24
• Data suggests strong intent to save for children, but that financial pressures and lack of prompts are holding families back
• Nottingham Building Society is calling for practical reforms to help families engage with child saving 

Almost one million children received no contributions into their Junior ISAs (JISAs) in 2023–24, according to new analysis by Nottingham Building Society based on HMRC data obtained via a Freedom of Information request. 

The data shows that while more families are opening JISAs - signalling a clear intention to save for their children’s futures - a growing proportion are unable to follow through with regular contributions. 

Nottingham Building Society’s analysis found that around 967,000 of the 2.37 million JISA accounts in existence received no contributions at all during the 2023–24 tax year. That means around two in five (41%) children with a JISA saw no money added to their account over the entire year. 

The figures also reveal a widening gap between intent and action. Since 2020–21, the total number of JISAs has risen by 37%, increasing from around 1.73 million to 2.37 million accounts. Over the same period, however, the number of accounts receiving no contributions has grown by 45%, rising from 665,000 to 967,000. 

Even of those families that are able to make contributions to their children’s JISAs, relatively few are able to maximise the tax-efficient benefits. The vast majority of accounts (73%) had less than £500 deposited during the year – that’s just 6% of the full allowance -  and 92% received deposits of less than £2,500. Just 3% of all JISAs (around 78,000 accounts) received the full £9,000 annual contribution allowance, down from 4% the year before. 

Commenting on the figures, 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. 

“It is critical that policymakers and the industry come together to focus on practical measures that help more families save for their children. This should include clearer guidance, better use of prompts and support at key moments, like birth registrations, childcare transitions and school milestones, as well as product innovations that make small, regular contributions easier and simpler. 

“It may even be worth looking at elements of the previous Child Trust Fund scheme, particularly the government’s minimum contribution of £250 per child, and whether that may help boost junior savings balances.” 

Further notes:

FOI request to HMRC, completed in February 2026

Table 1: The total number of Junior ISAs in existence for tax years 2020/21 up to 2023/24, rounded to the nearest 1,000. 

Table 2: Number of Junior ISAs that received zero contributions in tax years 2020/21 up to 2023/24, rounded to the nearest 1,000. 

Table 3: The total number of Junior ISAs that received a subscription amount of £9,000 for tax years 2020/21 up to 2023/24, rounded to the nearest 1,000.  

Table 4: The number of Junior ISA subscriptions, broken down by subscription amount bands, for tax years 2020/21 up to 2023/24, rounded to the nearest 1,000.