You are here: Home - Saving & Banking - News -

ISAs are languishing as budgets stretch

0
Written by:
31/03/2014
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.

Tag Box

Debt

Pension

Spending

Financial fitness

There are 0 Comment(s)

If you wish to comment without signing in, click your cursor in the top box and tick the 'Sign in as a guest' box at the bottom.

After an award-winning health insurance provider?

Winner of best online health care provider in the Your Money Awards 2015

Help for homebuyers

Download our handy guide for homebuyers, produced in association with Barclays. Saving a hefty deposit to b...

Guide to Self-Employed Mortgages

Download/watch our Guide/video on Self-Employed Mortgages, produced in association with Precise Mortgages. ...

BNY Mellon launches investment guide for women

BNY Mellon has produced a free ‘Guide to Investing for Women' to provide an introduction to investing and lo...

What will happen if rates change

How your finances will be impacted by a rise in interest rates.

Regular Savings Calculator

Small regular contributions can build up nicely over time.

Online Savings Calculator

Work out how your online savings can build over time.

Top tips for protecting yourself online

One in six adults has fallen victim to a cyber-attack, according to new research from Experian.

BLOG: Top tips for would-be entrepreneurs

As Global Entrepreneurship Week draws to a close James Benamor teaches Your Money how to get a business off th...

Stock tips from top fund manager: IP Group

James Henderson, manager of the Lowland Investment Company and Henderson Opportunities Trust, selects IP Group...

Investing your money

Alliance Trust Plc gives you smart insight into how to invest your money

Money Tips of the Week

  • ID thieves target mortgage applications https://t.co/9hgaBfwx5G https://t.co/TgIItoP2fd
  • DIY investors prepare portfolios for oil price recovery https://t.co/flnLeOFvUe #investing @BarclaysStock https://t.co/g6kvy2gc2n
  • Cash isn’t dead yet: record May bank holiday weekend for ATM withdrawals https://t.co/YvJdalpGjR https://t.co/ORSWxmv5kL
Read previous post:
2337221-bank-of-england21
House purchase approvals fall back in February – Bank of England

The number of house purchase loans approved fell back in February, statistics released by the Bank of England have shown.

Close