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Newsletter

ISA popularity 'growing in UK'

By Sarah Engle, Wed 17 Feb 2010 - Published in Banking

ISAs have becoming an increasingly popular savings option over the past ten years, new figures have shown.

According to Halifax, the number of ISAs in the UK has increased by 53 per cent since the start of the decade, with 37 per cent of households now using one.

In addition, the research found that ISA saver growth is highest among the under 25s, with the number of people in this group with an account growing from 605,000 in 1999/2000 to 1.14 million in 2006/7.

Suren Thiru, economist at Halifax, said: "It's encouraging to see that the youngest savers are also keen to benefit from the tax free status the ISA wrapper offers with growth highest amongst the under 25s."

The study also showed that cash made up 58 per cent of the total value held in ISAs in 2009, with the reminder accounted for by stock and shares products.

Recently, Andrew Hagger, a spokesperson for Moneynet, recommended that people should view ISAs as along-term and tax-efficient savings option.