This is a symbol of baptism, which now saves you-- not the putting away of the filth of the flesh, but the answer of a good conscience toward God, through the resurrection of Jesus Christ,
Many people who hold to infant baptism appeal to this verse in support of their belief. Most Lutherans, for example, believe that infant baptism guarantees the salvation of the child until he or she becomes old enough to make the faith of his parents, expressed in having their baby baptized, his own (cf. Matthew 28:19; Mark 16:16). In infant baptism the Lord bestows on the child "a good conscience toward God," which is the evidence of salvation. [Note: See Lenski, pp. 172-73.] At about 12 years of age, Lutheran children go through instruction to "confirm" them in the faith. Lutherans believe that infant baptism guarantees the salvation of children if they die before making their parents’ faith their own. They see a parallel with circumcision in the Old Testament. Roman Catholics and many Presbyterians also baptize infants for the same purpose.