ISAs - UK - September 2015
"The ISA market is facing a period of significant upheaval. The dramatic increase in the value of the market following the introduction of the higher NISA limit highlights how these changes can present a great opportunity for the market."
Jessica Morley - Financial Services Analyst
This report looks at the following areas:
- ISAs at risk of becoming out-competed by regular savings accounts
- Goal-oriented ISAs have the potential to boost product uptake
- Workplace ISAs could help encourage long-term saving
Following the increase in the NISA annual allowance to £15,000 in 2014, the value of ISA subscriptions increased by 38% by the end of the 2014/15 tax year. Most of this increase came from cash deposits, despite an overall decrease in the number of subscribed accounts for both cash, and stocks and shares deposits. As a result, average subscription value increased to £6,064 in 2014/15. This reveals that value growth has mainly been driven by a few affluent savers, with limited engagement in the ISA market from savers that do not fall within this bracket. Providers will need to tackle this disparity if they are to capitalise on the opportunities presented by an increasingly competitive personal savings market.
This report examines the ISA market, investigating competing products and factors influencing the market, including wider economic trends and regulatory challenges. It provides an overview of value and volume sales for cash and stocks and shares ISAs, including a market forecast showing expected growth in the value of the ISA market over the next five years. Mintel’s consumer research concludes the report, looking at product ownership, the value of ISA savings, motivations for saving, planned uses for ISA savings, ISA savings habits, and general attitudes towards ISA savings products and providers.
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