21 April 2009
The forthcoming Budget needs to focus on encouraging saving through changing the ISA system, it is claimed.
Nationwide Building Society says the Chancellor needs to take practical steps to help savers by promoting the benefits of an ISA account.
"Increasing the ISA subscription limit to counter the effect of inflation over the past ten years would provide an added incentive for consumers to save," comments Graham Beale, Nationwide's Chief Executive.
He says that the measures would help those who are currently struggling to save their full allowance and are dipping into the money they have put away.
Savers can make the most of an ISA account now by searching online for a new account.
Nationwide estimates that 70% of the population are still not using their ISA accounts to their full potential and emphasises the need for people to have money to fall back on should the worst ever happen.
Similar calls have also been made by the Tax Incentivised Savings Association in recent days, with the organisation stressing the need for long-term financial security.