Welcome!

Symbian Authors: Kevin Benedict, RealWire News Distribution, Shelly Palmer, Jayaram Krishnaswamy

News Feed Item

Silver Savers Get Savvy With Their ISAs and Families Getting Into The Savings Habit

CHESTER, England, February 18, 2013 /PRNewswire/ --


  • Retirees are most likely group to save - 43 per cent have saved or are planning to save into a cash ISA this year
  • People using their ISA allowance have saved or are planning to save £3,248 into a Cash ISA this year
  • Household bills top the list of the most common reasons people dip into their ISAs

Retirees are the most likely group to save into a cash ISA this year, with 43 per cent stating they have already, or are planning to save before the end of the current tax year.* Working families with children are also getting into the savings habit with 42 per cent putting money away according to new research from MoneySupermarket.

The UK's number one comparison website found that on average across Britain, 39 per cent of adults have already saved, or are planning to save into a Cash ISA before the end of the current tax year. Of these, it is those who are retired who are the most likely to save, followed by working families with children. Almost four in ten (38 per cent) of young working professionals indicated they will be saving into a Cash ISA this tax year. Just over one in 10  (13 per cent) adults have a Cash ISA but have not saved into their ISA this tax year and are not planning to do so before the end of the tax year.

Circumstances clearly dictate the ability to put savings into an ISA. While almost half (48 per cent) of families where both parents are working will invest into a Cash ISA this year; this drops dramatically where there is only one working adult, with just 21 per cent being able to save.

Of those definitely intending to put their money into a Cash ISA this year, the average amount they plan to save is £3,248. However, over a quarter (28 per cent) plan to use their full Cash ISA allowance of £5,640. Retirees look set to save the most, putting away £3,901 on average. Young working professionals are a close second, planning to save £2,838 before the end of the current tax year, followed by working families with children under 18, who can afford to put away £2,570 on average.

Kevin Mountford, head of banking atMoneySupermarket.com, said: "It is encouraging to see so many people taking advantage of the tax free benefits of saving into an ISA. Unsurprisingly, it is those who are retired who are putting the most away, but it is encouraging to see so many young professionals getting into the savings habit. While not everyone can afford to put away the maximum tax free allowance of £5,640, taxpayers should try to use as much of their ISA allowance as they can to make sure that the interest they earn on their hard-earned savings is not unnecessarily lost to taxation.

"We are increasingly seeing more Cash ISAs being launched to the market, especially as we draw closer to the end of the current tax year, so for those planning to open an account, doing your homework and searching for the best rate available is crucial. In addition, if you have savings in ISAs you have opened in previous years, then it is worthwhile checking the rates being paid, as you could be on an un-competitively low rate. Switching an existing ISA balance to a market leading deal which allows transfers in, can help maximise your savings pot."

In total, nearly half (45 per cent) of those who have held a Cash ISA in the last five years have withdrawn money from it. The most common reason given for withdrawing money from these savings was to cover household bills, with over a quarter (26 per cent) stating this as the reason for the withdrawal. This was closely followed by 22 per cent of people using their ISA savings to pay for a holiday, and 18 per cent to fund a big ticket purchase such as a car or house. A further one in 10 (11 per cent) withdrew their money as they didn't feel the return they were getting was as much as they were hoping for.

Kevin Mountford continued: "With the cost of living on the up, and inflation remaining high, putting a little away each month into an ISA can help fund any unexpected expenses that may occur. At times like this, it is important to make sure you money is working as hard for you as it can do, and opening a Cash ISA is one of the most tax efficient ways to save and earn good interest on these savings."

Notes to editors

*Opinium Research carried out an online poll of 2,003 British adults from 8th to 11th February 2013.

MoneySupermarket.com compares (at 30th Jan 2013)

  • 134 car insurance brands and 97 home insurance brands
  • 9 broadband providers and 20 energy providers   
  • 31 unsecured loan and 5 secured loan providers
  • 62 mortgage lenders and 27 credit card providers
  • 62 savings providers and 37 current account providers.
  • Over 630,000 mobile phone deals

Our customers

We help our customers to save money on all of their household bills by providing a free, easy to use online service so they can compare a wide range of products in one place and find the product most suited to their needs. Our size means we are able to offer our customers exclusive, market-leading deals, including some they can't even get direct from providers.

Our providers

By having considerable volumes of informed customers actively looking for products and ready to purchase, we offer our providers an efficient and cost effective customer acquisition solution across all of our channels. This enables our providers to target their marketing spend in an effective and completely measurable way.

Our revenue comes predominantly from fees paid to us by product providers when a customer clicks through to their website and actually applies for or purchases a product. It is a success based marketing fee.

Our customer commitment

  • We make it easy to find the brands you expect to see
  • We strive to ensure a product cannot be found cheaper by going direct
  • We let you remain in control of your personal data
  • We are independent and impartial
  • We make it easy to switch and save
  • We strive to always show the most competitive product available

Lucy Banks

24a St John Street,
London, EC1M 4AY

D    020 7294 3689
E   lucyb@lansons.com
W  http://www.lansons.com

'Agency of the Year' 2010, 2009, 2007 (PRCA), 2004 (PR Week), 2002 (CIPR), 1995 (PR Week)
'Agency of the Year' 2008 at The Financial Services Forum Awards for Marketing Effectiveness
Ranked 9th in the UK's Top 25 Best Medium Size Workplaces 2012 (Great Place to Work® Institute) and Top 50 for eight years running

Ranked 47th in the 50 Best Small and Medium Sized Workplaces in Europe 2012 (Great Place to Work® Institute)

Gold Medal PR Week Best Places to Work 2011

The information contained in this message may be CONFIDENTIAL and is intended for the addressee only. Any unauthorised use, dissemination of the information, or copying of this message is prohibited. If you are not the addressee, please notify the sender immediately by return e-mail and delete this message. Although this e-mail and any attachments are believed to be free of any virus, or other defect which might affect any computer or system into which they are received and opened, it is the responsibility of the recipient to ensure that they are virus free and no responsibility is accepted by Lansons Communications LLP for any loss or damage from receipt or use thereof. Lansons Communications is the trading name of Lansons Communications LLP. The views expressed are of the individual, and do not necessarily reflect the views of Lansons Communications LLP.

For further information contact: 

Paul Lawler/Kate Murphy
+44-(0)787-237 9545 / +44-(0)1244-221978
paul.lawler@moneysupermarket.com / kate.murphy@moneysupermarket.com


SOURCE moneysupermarket.com

More Stories By PR Newswire

Copyright © 2007 PR Newswire. All rights reserved. Republication or redistribution of PRNewswire content is expressly prohibited without the prior written consent of PRNewswire. PRNewswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.