Brits 'miss out' on Isa savings
25 February 2008
Lots of Britons are to miss out on tax-free savings this year, it has been claimed.
Moneysupermarket points out that only a third of people (32 per cent) plan to take out an individual savings account (Isa) this year.
Kevin Mountford, head of savings for the price comparison website, said: "It is disappointing so many Brits won't take advantage of this excellent savings vehicle.
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"With just a third of people looking to utilise their tax free Isa allowance it looks like many people will miss out."
The study also showed only 27 per cent of Brits are aware the annual allowance for tax-free savings is to rise to £3,600 from April 5th.
Most people looking to invest in an Isa, however, wish to take out a cash-based product.
Mr Mountford added that it is of little surprise that consumers want to save in cash Isas following recent economic "turmoil".
Feature Article: ISAs 2008 - What you need to know
Earlier this month, Birmingham Midshires reported that more people invested money into saving accounts during the three-month period ending in January.
