UK savings attitudes continue to disappoint

clock

Repeated warnings about the importance of saving continue to be ignored as less than two out of ten (17%) UK adults have a savings vehicle, new research indicates.

A survey conducted by the Investment Management Association (IMA) finds a third of respondents do not save on a monthly basis. Moreover, while 64% of respondents are aware of the benefits of tax-free saving through an ISA, only 35% of them have a cash ISA and 15% have a stocks and shares ISA. The Investment Management Association is calling on the government to look into ways of encouraging individuals, as it finds 13% of respondents only save up to £25 per month, while a further 13% save between £25 and £50 per month. Mona Patel, head of communications at IMA, says there is a long jo...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers turn to smoothed funds to help manage volatility threat

Advisers turn to smoothed funds to help manage volatility threat

Decreasing exposure to equities also a popular strategy

Isabel Baxter
clock 26 March 2024 • 1 min read
Examining the 60/40: Building diversified portfolios in 2023

Examining the 60/40: Building diversified portfolios in 2023

Advisers have a lot to consider when it comes to portfolio diversification

Charlotte Moore
clock 14 April 2023 • 6 min read
Schroder Investment Solutions expands distribution of MPS

Schroder Investment Solutions expands distribution of MPS

Expanding the range of DFM choice on the Parmenion platform

Ayesha Venkataraman
clock 06 December 2022 • 2 min read