25 March 2009
People are neglecting to take advantage of their tax-free savings allowance and are not intending on doing so in the near future, it is claimed.
New research from Barclays shows 46% of consumers are not planning on taking out an ISA in the near future, a decision mainly affected by volatility in shares and low cash interest rates.
"We would always recommend that debts should be repaid in the first instance, but utilising an ISA can also be a key strategy in securing your financial future," comments Alison Tattersall, Head of Customer and Proposition at Barclays Financial Planning.
She adds that there are many types of ISA available, with people needing to find the product which best suits their needs.
According to Barclays Wealth, 33% of independent financial advisers believe consumers are less likely to take risks with their savings.