Analysis of customers by Lifetime ISA (LISA) provider, Beehive Money, discovered of the 50,000 people putting their savings into one of these accounts, 52% were women.
This is despite evidence women save less than men when it comes to house deposits and pension savings.
LISAs are available for two purposes – saving for a deposit on your home or as a way of putting money aside for your pension.
They benefit from a 25% government bonus per year. Therefore, savers putting away the maximum allowed annually of £4,000 would receive £1,000.
However, to open the account savers must be over 18 and under the age of 40. According to Beehive, which is part of the Nottingham Building Society, 85% of its customers are saving for their first home and a third are under the age of 25.
Anna Bailey, 22, is one of them. She said: “I’d been trying to save my 10% house deposit for a few years but always ended up dipping into my funds so never seriously got anywhere until I opened my LISA, which I can’t easily access and so the amount I’ve been putting in every payday has grown and grown.
“With the 25% government bonus, I could bring my plans forward by around eight months and have the deposit I needed.”
Ben Osgood, head of Beehive said: “By starting early, younger generations are quickly getting into a good savings habit, with a little help from the government, and Beehive Money, which bodes well for their future financial wellness.”
Beehive is one of several cash ISAs on the market. It currently offers an interest rate 0.8%.
You can see details of all the cash ISAs on the market here.
For more tips on saving for a deposit see our first-time buyers’ savings guide here.
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