The government has stated that it will be up to product providers to advertise any Lifetime Isa savings products as HM Treasury has no plans for marketing them.
In a response to a Freedom of Information (FoI) request the Treasury revealed that it has not spent any money on marketing the Lifetime Isa so far and has no plans to do so in the future.
The onus will be on providers to market the scheme, as is already custom on similar products like cash Isas, though the Government will publish facts about what a Lifetime Isa is on its website.
The FoI stated: “We expect Lifetime Isa providers to advertise their own products, which is similar to the arrangements around other savings vehicles such as cash ISAs.
“The Treasury will supplement this by publishing factual information about the Lifetime Isa online, as well as continuing to use existing Government and free communication channels to raise awareness of the product.”
No money has been spent on marketing the Lifetime Isa so far as the Government has opted to use free communication channels to alert consumers of the product.
“The Treasury has not spent money marketing the Lifetime Isa up to 27 January 2017. The Treasury has published information about the Lifetime Isa online and used existing Government and free communications channels to raise awareness of the product,” the response stated.
Former chancellor George Osborne announced the introduction of the Lifetime Isa in his final Budget in 2016, which will allow individuals aged between 18 and 40 to save up to £4,000 per year and receive a government bonus of 25 per cent.