One expert has recently urged savers to include ISAs in their investment portfolios.
Skipton Financial Services chief operating officer Andrew Barker recently commented that taking the time to search out the best ISA savings deals should be part and parcel of any investment banking activities in the UK.
Mr Barker stated that financial offerings such as ISAs are representative of the single most tax-efficient gift that a saver can ever receive from the government. The chief operating officer for the personal and business bank account provider remarked that such items should be an integral part of every single investment portfolio.
Mr Barker further stated that only about one out of every three adults in the UK are currently ISA savings holders. The lion’s share of these ISA holders also neglect to make their maximum allowance in deposits every year, the industry expert added.
With the current tax year soon to come to an end, Mr Barker urged savers to take advantage of the full allowance on their ISAs or run the risk of missing out completely once more.
Meanwhile recent research has found that Brits have in excess of £6 billion stashed away in savings accounts that have been completely forgotten about.
Approximately ten million UK savers have actually forgotten about a savings account at one time or another according to a recently conducted study. At a later date these forgetful savers revisited their neglected accounts to discover an average of £600 stored therein.
More than one out of every five people surveyed in the study had uncovered forgotten funds. 18 per cent of respondents indicated that instead of using a savings product they instead hid their cash in their kitchen drawers.
Banking executives have since commented that savers should be encouraged to examine ways to make their money work harder for them.