Over half of ISA savers failing to make the most of their annual allowance
17 March 2012
- One in four (23%) Brits do not know what the annual ISA allowance is
- Four out of five (78%) consumers agree it is important to save regularly
- But only a quarter (24%) are putting money away throughout the year
With fewer than 20 days left for savers to make the most of their 2011 / 2012 cash ISA allowance of £5,340, new research from Lloyds TSB indicates that more than half of (55%) ISA savers have not saved the maximum amount in their tax free account.
Greg Coughlan, head of savings for Lloyds TSB, said:
“It is clear that consumers are not making the most of their tax free savings. At a time when spending is being squeezed, and many consumers feel that they cannot afford to save, it has never been more important that every penny which is squirreled away in savings is working as hard as it can. Tax free ISA accounts should always be the first port of call for anyone looking to save.”