This was the big Budget announcement for savers. It’s designed to help anyone who wants to save for a deposit or for their retirement and it’s aimed at first time buyers and people who are self-employed (who can’t join an employer’s pension scheme).

Figures show that younger women are more likely than men to buy a property; a study by BlackRock showed that 38% of women aged 25-34 have a mortgage compared to 31% of men, so it could be of particular benefit to women.

Under the plans, you will be able to take out a lifetime ISA if you’re aged between 18 and 40 when it’s introduced next April and you can pay in up to £4,000 a year until you’re 50. The government will pay £1 for every £4 you pay in.

A lifetime ISA will only be able to be used to buy a first property costing up to £450,000, although the government will look at whether it should be able to cashed in for other ‘live events’. Under the current plans, if you cash it in to buy something else, you’ll have to pay a 5% charge and you would lose the government bonus. However, you will be able to cash it in for your retirement once you’ve reached 60.

Rise in the personal allowance

Breaking down the budget: what does it mean for women?