Investment app tickr has today launching what it calls the world’s first Junior Impact Stocks and Shares ISA (JISA).
The new product is designed to allow parents to invest in an account for their children which also backs companies attempting to positively affect climate change, equality, disruptive technology, or a combination of the three.
Tom McGillycuddy and co-founder Matt Latham built the platform after stints at Barclay’s and Wellington Management.
Tom McGillycuddy said: “Making sure a child is prepared for adult life as they grow is a challenge many parents face.
“Having money tucked safely away in an investment account growing as their children do, can give parents one less thing to worry about. Building savings for your children can be a lot easier than you think; just a small amount deposited every month can make a big difference over the long-term.
The firm claims that parents investing £100 every month, or total of £21,600 deposited over 18 years, there is a potentially return of £21,723, modelled with a 7% annual return on investment, excluding fees.
“Managing money well is a skill for life that helps give us the freedom to do what we choose. We know that money habits are formed from a very young age, and once established, are very hard to change,” added McGillycuddy.
“Opening a JISA can help demonstrate the benefits of saving and investing, and encourage children to take an interest in looking after their money as they get older.”
The firm is a certified ‘BCorp’, a firm with a positive social and environmental performance, public transparency, and legal accountability.
It has received more than £3m in funding to date. T