Mar 5 2007
British consumers are unaware of the benefits available to them through investment in an individual savings account (Isa), it has been claimed, with this "blind spot" resulting in the potential loss of millions in tax advantages.
Recently published research from Friends Provident reveals that 17 per cent of British consumers could not give reasons for the benefits of investing in an Isa, while 62 per cent were not aware of the upper limit of annual maxi-Isa investment.
Christine Foyster, head of wealth management marketing at Friends Provident, said: "Our findings show that a significant number or people have a blind spot when it comes to Isas and are either confused by the different types of Isa on offer or not aware of the benefits of investing in one."
She added that those consumers without Isas are not making the most of their tax allowances, while using the system is in fact quite simple, with a range of options available to savers.
Last month, the Pep and Isa Managers' Association urged savers with questions regarding Isas to get advice from their financial provider or adviser.
