IMA highlights Isa savings trend

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IMA highlights Isa savings trend

Isa figures released by the Investment Management Association (IMA) indicate that there is a growing trend in the UK for people to focus on savings, according to a spokesperson for the organisation.

Chief executive of the IMA Richard Saunders pointed out that the cash held in UK funds has surpassed £500 billion for the first time, which would have been hard to fathom a long time ago.

He explained that the two top-selling IMA Sectors in March were Global Bonds and Strategic Bonds, while equities were the lowest selling asset category and showed a net outflow in funds during the month.

Mr Saunders stated: "Isa sales for the last tax year are the highest since 2001-02, as was the year-end Isa season. The strong propensity to save, as seen in 2009, has continued this year."

His comments follow the publication of financial figures by the organisation, which show that Isa sales increased from £345 million in March 2009 to £604 million in the same month this year.

The Isa allowance was recently increased by the government to allow people to save up to £10,200 tax free.

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