The number of people drawing on their LISA property savings to afford day-to-day life has more than doubled in the past year, new data shows.

The Lifetime ISA (LISA) was introduced in April 2017 to help people between the ages of 18 and 40 save money either for the purchase of a home or their retirement.

People can invest up to £4,000 a year in a Lifetime ISA until age 50, and the Government will top-up savings by 25 percent each year, up to an annual maximum of £1,000.

There are three…