Isas Pointed Out To Be Progressively More Popular

A new research reveals that tax-free saving is becoming increasingly preferred by Britons.

In figures published by Halifax, it was pointed out that Individual Savings Accounts (ISA) have surged in popularity since their launch in the 1999-00 tax year. On the basis of its findings on data conducted by the department of work and pensions and HM Revenue & Customs, the financial services firm indicated that the amount of money put away in such savings vehicles has surged sevenfold between their setting up and the end of the 2007-08 tax years. In March this year, it was shown that the total value of ISA deposits stood at 207.8 billion pounds, an increase from the 28.6 billion pounds noted in 1999-00.

With more people having ISAs, in addition to taking steps to enhance the amount of money that they invest into these types of savings schemes, customers may find that they are in a more comfortable position to take out debt consolidation loan in order to handle personal loan repayments, pay for bills effectively.

Figures from the financial services firm also revealed that those in the south-east are most likely to have an ISA. Some 44 per cent of people in this part of the country were pointed out to have such a monetary vehicle. Meanwhile, 42 and 40 per cent of customers in the south-west and the east of England own an ISA. On the other hand, less than one in six (14 per cent) of those in Northern Ireland have this kind of savings product. However, seeking out a debt consolidation loan helps the customer to combine their plenty debts into a low cost single loan.

Commenting on the figures, Martin Ellis, chief economist for Halifax, said: “ISAs have proved to be an extremely popular savings vehicle since their introduction almost a decade ago. The number of ISA savers has improved considerably during this period. The ISA is the principal tax-free savings vehicle for most people and a necessary element of their fiscal planning.”

News Categories