ABI calls for ISA increases
The limit on ISAs should be increased to £9,600 to encourage savings, the Association of British Insurers (ABI) has told the government.
Saving for children and other investment goals should also be promoted in an advertising campaign, according to the ABI's new report, Safeguarding the Future.
The association recommends a maximum of £3,600 cash should make up the ISA, however, as long-term investments are key to the proposal. The rest should comprise stocks and shares.
The report states: "Over the last decade many have relied on the belief that owning property would provide for almost all their long-term needs. Consumers have also increasingly relied on credit which will no longer be as readily available."
Saving for long-term care is also highlighted, as annual nursing care has hit £33,000. This may be of interest to parents worried about saving for children's health.
Proposals also include matters on tax and that the government takes action to dissuade people from accruing personal debt.
