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.

The savings accounts paying the most interest

It’s time to get your finances in shape for summer, and moving your cash savings to a higher paying deal is ...

Everything you need to know about being furloughed

Few people had heard of ‘furlough’ before March 2020, but the coronavirus pandemic thrust the idea of bein...

The experts’ guide to sorting out your personal finances in 2021

From opting to ‘low spend’ months to imposing your own ‘cooling-off period’, industry experts reveal t...

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

Read previous post:
Brits spend £125m a year on dogs’ birthdays

Dogs are a man’s best friend – and Brits like to prove it by collectively spending £125m a year on...