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ISAs are languishing as budgets stretch

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Two third of Brits haven’t saved into their ISA this year because they simply can’t afford to, research by TSB has found.

Just 15 per cent of people have maxed out their ISAs; a further 22 per cent have invested a partial amount. With an average balance of £1,211, British savers are falling £4,549 short of their cash ISA allowance for the 2013/2014 tax year.

Jonathan Hall, head of Savings at TSB, said: “Interest rates might be low at the moment, but thinking about the long term health of finances is important. Taking advantage of tax free savings now should be high on the priority list as it puts more money back into people’s pocket. Even if someone has just a few pounds to save, they should be saving it in an ISA.”

TSB’s research shows that 43 per cent of Brits who do save are thinking further ahead, saving for their retirement and other long-term goals.

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