Home | Savings Accounts | ISAs | Savings Bonds | News
You are here: Home » News » Consumers missing out on tax-free savings, claims uSwitch.com

Consumers missing out on tax-free savings, claims uSwitch.com

The number of people paying into a cash ISA is set to fall by 9% this year, with just 54% planning to pay money into one, according to data from uSwitch.com.

Around 11% feel it is not worth putting money aside because of low interest rates, while 19% of respondents say they can’t afford to pay into an ISA.

Those who are saving plan to set aside £121 less than last year, with just 38% planning to use their full ISA allowance. According to the comparison site, Brits will miss out on £191 billion in tax-free savings by failing to take advantage of this year’s cash ISA allowance.

Jafar Hassan, personal finance expert at uSwitch.com, says: “Although it’s been a slow start to the 2014 ISA season, better rates may emerge in the coming weeks and it’s important that consumers shop around to find the right ISA or savings plan to suit their needs.

“At a time when households are struggling more than ever to make their money go further, making their savings work as hard as possible is crucial.”

Contact Us | Privacy Policy | Terms of Use