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

A quarter of 18-24 year olds don’t know what an ISA is

Written by:
They’re celebrating their 20th birthday this year, but ISAs remain a mystery to the majority of the UK population, according to new research.

A survey of 2,000 people carried out on behalf of peer to peer property lending platform The House Crowd revealed a serious lack of ISA awareness among Brits, with a quarter of 18 to 24-year olds unable to explain what an ISA is.

The study also found that 69% of people don’t know the difference between cash ISAs, stocks and shares ISAs, and innovative finance ISAs.

Two-thirds of those polled didn’t know when this year’s ISA deadline was, despite it being less than a month away (5 April).

Commenting on the findings, Frazer Fearnhead, founder and CEO of The House Crowd, said: “It seems the government needs to work on increasing general awareness of the ISA product set, especially with the younger generation.

“Two decades on, the Cash ISA remains a popular option, but average interest rates can easily be eroded by inflation.”

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.

Unfamiliar banks woo savers with top rates…is your money safe?

If you’ve been keeping an eye on the savings best buy tables, you’ll have noticed some unfamiliar names lu...

What the base rate rise means for you

The Bank of England has raised the base rate by 0.25% to 0.5% – following on from the increase from 0.1% to ...

How to get help with your energy bills

The rise in the energy price cap from April will mean millions of households will pay hundreds of pounds a yea...

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.

Having a baby and your finances: seven top tips

We’re guessing the Duchess of Cambridge won’t be fretting about maternity pay or whether she’ll still be...

Protecting family wealth: 10 tips for cutting inheritance tax

Inheritance tax - sometimes known as 'death tax' - can cause even more heartache for bereaved families. But th...

Travel insurance: Five tips to ensure a successful claim

Ahead of your summer holiday, it’s important to make sure you have the right level of travel cover or you co...

Money Tips of the Week