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When it comes to ISAs, the South West leads the way with 46.4% of adults having savings within an ISA. That puts South West savers marginally ahead of those in the South East; with London at the bottom of the regional savings tree on 38.8%.
Perhaps unsurprisingly those in the older age groups have the greatest average ISA savings; with Stocks & Shares ISAs accounting for 62% of the market value of ISA funds as at the end of the 2020/21 tax year. However according to Government figures, in that tax year just 31% of the over 65 age group increased their ISA savings, compared to 78% of under 25s.
In the 2021/22 tax year the overall number of active ISA savers dropped slightly as did the total of new investments into ISAs. Cash ISAs accounted for the decline, with Stocks & Shares ISAs seeing a rise in investments.
The ISA season runs in tandem with the tax year with savers having until 5 April 2024 to ‘use or lose’ their ISA allowance. If you are looking for advice on investments, or if your situation has changed and you may therefore need to review your existing pensions or investments, contact Beckworth by using one of the links on our website.