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Younger generation 'need more help understanding Isas', says Lloyds

By Sarah Engle, Tue 22 Mar 2011 - Published in Banking

The younger generation need more help to understand the benefits of banking with Isa's, according to research from Lloyds TSB Savings.

In the report by the banking expert it found that only a third of 18-24 year olds know about the £5,100 limit in cash Isas.

It also found that 43 per cent of young people wrongly believe savers can add funds to Isas when they like.

Greg Coughlan, head of products at Lloyds TSB Savings: "Isas should always be a priority for savers due to their tax free status and savers of any age are welcome to come and visit our savings experts in branch to find out how they can make the most of their ISA allowance."

He added that there are still some issues with the younger generation understanding Isas and they need to know more as the nation is learning about the benefits of these accounts.

Research from Tiodos Bank found that parents are teaching their children to have sound money sense, due to a lack of personal finance education in schools.