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Savers are taking to ISAs in
increasing numbers, a new survey has revealed.
According to the Halifax's latest ISA Savings Report, the average
Briton has £7,782 tucked away in tax-free ISA accounts.
That
represents almost a third of typical annual earnings (£26,075).
Were
savers to have kept their ISA accounts fully topped up since their
introduction in 1999, then they would have accumulated pots worth
£34,200 or, if the present year's allowance were taken into account,
£39,300.
Those aged over 75, on average, have the largest ISA savings at
£13,912.
Savers aged between 16 and 24 have average ISA accounts worth
£1,848; savers aged between 25 and 34 have average ISA balances of
£2,388.
Nitesh Patel, an economist at Halifax, said: "It's great to see UK
savers are taking advantage of the tax-free benefit of an ISA by
investing just under a third of their income.
"Frustratingly though, while ISAs have been available for over a
decade, savers are still not making the most of their savings by
using their full annual ISA allowance.
"It's also encouraging to see so many elderly savers switched on to
ISAs - this surely underscores that it is not just the younger
generation who are financially savvy." |
