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