It's not getting any easier for young people to afford to complete their education so any kind of help to make annual fees of £9,000 affordable has to be a good thing, which is why the new junior ISA caught my attention.

These are being launched in November and allow parents, guardians, grandparents and others to set up an ISA for children/grandchildren. A maximum of £3,600 can be invested each year but the money is locked in to age 18, when it is available tax free.

I thought it would be a great and tax effective way to save enough to pay the university fees for my new grandson.  I worked out that just less than £1,000 needs to be invested each year (he's six months old!) to have enough invested at 18 to pay the level of fees being charged by universities from next year.

If, like I did, you want to find out more about junior ISAs, click here.

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