Mar 26 2008
Most people in the UK who have an individual savings account (Isa) would like to set more money aside but are unable to do so, according to recent research.
A total of 58 per cent of people quizzed by the Nationwide Building Society confirmed that financial constraint and not a lack of will is preventing them from using up all of their tax-free Isa allowances.
Many UK consumers use Isas as a way of saving for children and the building society has suggested that more should be done to encourage parents to add to their accounts more often.
"It's essential that consumers are educated about the benefits of tax-efficient savings and how most Isas allow instant withdrawals," said Matthew Carter, director of savings at Nationwide.
Engage Mutual Assurance suggested recently that eight in ten British parents are aiming to educate their children about how to manage their finances effectively.
