Jul 13 2006
New statistics show that more people are buying Isas (individual savings accounts) and overall contributions are at their highest level.
Investors have put nearly £31 billion into the tax-free saving accounts launched by the government to encourage more people to save.
The figures, from the Pep and Isa Managers' Association (PIMA), reveal Britons subscribed to over 12 million Isa accounts last year.
Savers can put away up to £7,000 in the accounts, split £3,000 in cash and £4,000 in shares and mini Isas allow investors to take out the accounts with different providers.
The total amounts subscribed to stocks and shares Isas rose 18.3 per cent to nearly £8.9 billion (18.3 per cent above last year's totals) and the purchase of cash Isas rose 7 per cent to 9.9 million accounts with nearly £21.8 billion subscribed.
Investment in mini-stocks and shares Isas were up by more than a third on last year's levels.
"More consumers than ever are turning to the transparency, simplicity and flexibility of saving through ISAs," said PIMA director general Tony Vine-Lott.
"It is particularly encouraging that more investors are choosing to grow greater amounts of their tax-free savings via equity exposure. We expect uptake of all ISAs to continue to be strong throughout the next year."
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