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