Lifetime Isa: is the government backed tax-free savings product worth it?

The savings account can help you put money away for your first home and your retirement but has faced criticism

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MPs are warning that people could lose money with a Lifetime Isa
(Image credit: Getty Images/Rafe Swan)

A government-backed tax-free savings scheme to help first-time buyers and pension savers has come under fire amid fears that consumers could end up losing money.

The Lifetime Isa (Lisa) lets people save for the "big money milestones", said Which?, of retirement or buying your first home.

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Marc Shoffman is an NCTJ-qualified award-winning freelance journalist, specialising in business, property and personal finance. He has a BA in multimedia journalism from Bournemouth University and a master’s in financial journalism from City University, London. His career began at FT Business trade publication Financial Adviser, during the 2008 banking crash. In 2013, he moved to MailOnline’s personal finance section This is Money, where he covered topics ranging from mortgages and pensions to investments and even a bit of Bitcoin. Since going freelance in 2016, his work has appeared in MoneyWeek, The Times, The Mail on Sunday and on the i news site.