Abbey: ISAs still have a way to go

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Abbey: ISAs still have a way to go

Thu 19th Mar 2009

Abbey has conducted a survey which reveals that, ten years after they were first introduced, ISAs still have some way to go if they are to become a staple part of Brits' savings portfolios.

The poll revealed that 43 per cent of people in the UK do not have a cash ISA and 13 per cent of these people have no intention of opening one in the forthcoming financial year.

At the same time, only 22 per cent of people currently have money stored in an equity ISA.

Reza Attar-Zadeh, director of savings and investments at Abbey, said: "ISAs were introduced by the government to encourage people to save for the future.

"While take up of ISAs has been positive over the last decade, there are still a lot of people not using them and many continue to find ISA rules confusing."

Cash ISAs allow people in the UK to save up to £3,600 per year without paying any tax on the interest they earn.

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