Moneysupermarket.com: ISAs not being used

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Moneysupermarket.com: ISAs not being used

Mon 23rd Mar 2009

Moneysupermarket.com has published a survey which reveals that many people in the UK are not making full use of their full tax-free savings allowances.

According to the price comparison website, only six per cent of people in the UK have saved enough in the past two years to take full advantage of the tax-free savings allowance offered by ISAs.

The poll also found that, for those who have saved within an ISA, the average investment in the past two years has been just over £3,100, or less than half of the allowance.

Kevin Mountford, head of banking at moneysupermarket.com, said: "Someone investing their full cash ISA allowance for each of the past ten years would have around £41,600 now, of which £11,000 would have been interest alone."

He added that those with savings "would be wise" to make use of the tax-free allowance.

ISAs were launched by the government in 1999 as a way of persuading people in the UK to save.

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