In 2017 some employers may introduce a Lifetime ISA (LISA) as a further savings choice in the workplace.

This ISA has the added benefit of a 25% government bonus, subject to certain conditions, and ISAs are already an attractive savings choice for many in the UK.

The LISA is targeted at younger employees, 18-40, and employees will need support in understanding the relative merits of LISA say when compared to pension savings, Cash and Stocks and Shares ISAs, Help to Buy ISAs, regular savings plans, share save/ share incentive plans and paying off debt.

Whilst any savings are better than none at all, more choice requires more evaluation and means greater responsibility to make the best decisions.

Financial education that focuses on budgeting, debt and savings would provide employees with a roadmap to guide them through these choices and help them identify what's best for them and importantly protect against the risk of them making poor decisions that may impact their future financial security.