2023
9
UK ISAs Market Report 2023
2023-11-27T14:19:40+00:00
REP61760260_96D0_4ABC_A6B4_14FD5FD8B539
2195
168333
[{"name":"Savings and Investments","url":"https:\/\/store.mintel.com\/industries\/finance\/financial-services\/savings-investments"}]
Report
en_GB
Rising interest rates are boosting the appeal of cash ISAs for the first time in years, and incentivising people to save despite the cost of living crisis. Charlie Landsborough,…

UK ISAs Market Report 2023

£ 2,195 (Excl.Tax)

Description

Stay ahead of the curve and future-proof your business with Mintel’s UK ISAs Market Report 2023. Our full report is packed with consumer-led market intelligence, the latest ISA market research, trends and consumer behaviours affecting your business. Get a 360° view of the ISA market, including market size, share and forecasted growth to help you align your business strategy with the needs of your audience.

Below, we’ve handpicked the key insights analysed in the full report and summarised the core topics.

Topics Analysed in this Report

  • The impact of the cost of living on the ISA market.
  • Analysis of the size of the ISA market and forecast for the next five years.
  • Market share of major players, competitive strategies and advertising initiatives in the ISA market.
  • Ownership of savings products, including ISAs.
  • Motivations for saving in ISAs.
  • Consumer attitudes towards ISAs, including the changing appeal of different types of ISA.
  • ISA intentions in the next 12 months.

ISA Market Overview

Savings rates are rising, which is increasing demand for cash ISAs after more than a decade of ultra-low returns. Stocks and shares ISAs will also be boosted in the short term by cuts in tax allowances that will heighten the value of tax-free investments.

  • ISA market size: Mintel forecasts that the value of the stocks and shares ISA subscription will reach £50 billion.

ISA Market: Challenges and Opportunities

Banks to guide novice investors

Many consumers are inherently wary of risk and lack a deep understanding of investing. Trusted partners such as banks with whom consumers have long-standing relationships can therefore be reassuring guides into stocks and shares ISAs.

  • ISA market statistics: 15% of UK consumers currently hold stocks and shares ISA

Tax incentives are the key consideration

The value of tax benefits has been somewhat eroded in recent years, despite this, consumers are still more likely to cite tax-free returns over any other reason to use an ISA. In the future, the implementation of higher interest rates and reductions in capital gains and dividend income tax allowances will further emphasise the importance of tax-free returns from ISAs in the forthcoming years.

  • ISA market statistics: 51% of consumers say that they place money into an ISA for tax-free returns or interest.

Purchase our UK ISAs Market Report to receive a five-year forecast, consumer behaviour analysis, and recommendations for market opportunities.  Readers of this report may also be interested in our UK Current Accounts Market Report 2023.

Leading Brands in the ISA Market

Bestinvest, Nutmeg, Fidelity Investment Services, Wealthify, AJ Bell, Halifax, Barclays.

Additional Features Included with Your Purchase

  • Interactive Databook: Each Databook is provided as an interactive website where you can deep dive into our consumer research data on your chosen topic so you can draw your own conclusions.
  • Consumer Confidence Tracker: Our Trackers paint the picture of the economic confidence and major concerns of up to 40 different demographics, tracking changes in attitudes over time.
  • Custom PowerPoints: Incorporate our consumer research data into your own work so you can win over your clients and stakeholders. Select insights from your report to create a custom presentation that is ready to download in minutes.
  • Different Digital Formats: PDF for conveniently sharing with your team, PowerPoint for quickly including in your presentations.
  • Mintel’s Clients Portal: Our portal provides instant access to actionable analysis, podcasts, and trend pieces relevant to your industry that are published almost daily, as well as our annual Global Consumer Trends. You can also browse our extensive catalogue of market research reports.

Expert Insights from a Finance Analyst

This report, written by Charlie Landsborough, a leading research analyst, delivers in-depth commentary and analysis to highlight trends in the ISA market and add expert context to the numbers.

Rising interest rates are boosting the appeal of cash ISAs for the first time in years, and incentivising people to save despite the cost of living crisis.

Charlie Landsborough
Financial Services Analyst

Table of Contents

    • Key issues covered in this Report
  1. Executive Summary

    • Opportunities for the ISA market
    • Market dynamics and outlook
    • Graph 1: market share of cash ISA or lifetime cash ISA providers, 2023
    • Graph 2: market share of stocks and shares ISA and lifetime stocks and shares ISA providers, 2023
    • Graph 3: average monthly quoted interest rates for a one-year fixed cash ISA versus a one-year fixed bond, 2021-23
    • What consumers want and why
    • Graph 4: ISA considerations in the next 12 months, 2023
    • Innovation and marketing
    • Graph 5: total above-the-line, online display and direct mail advertising expenditure on ISAs, 2018/19-2022/23
  2. Market Dynamics

    • Market size
    • Graph 6: market value of ISA assets under management, by component, 2011/12-21/22
    • Market forecast
    • Graph 7: value of annual subscriptions to cash and stocks & shares ISAs, 2008/09-2013/14
    • Market segmentation
    • Graph 8: average subscription, by type of ISA, 2016/17-2021/22
    • Market share
    • Graph 9: market share of stocks and shares ISA and lifetime stocks and shares ISA providers, 2023
    • Channels to market
    • Market environment
    • Graph 10: average monthly quoted interest rates for a one-year fixed cash ISA versus a one-year fixed bond, August 2021-September 2023
    • Graph 11: number of basic and higher-rate taxpayers, 2020/21-2023/24
    • Graph 12: higher and additional rate share of total tax payers, 2020/21-2023/24
    • Macro-economic factors
    • Graph 13: CPI inflation rate, 2021-23
    • Graph 14: financial wellbeing index, 2016-23
    • Graph 15: financial confidence index, 2016-23
    • Social, environmental and legal factors
  3. What Consumers Want and Why

    • ISA ownership
    • Graph 16: ownership of savings and investment products, 2023
    • Graph 17: ownership of stocks and shares ISAs, by household income, 2023
    • ISA participation
    • Graph 18: consumers who have put money into an ISA in the last 12 months, 2023
    • Graph 19: consumers who have put money into an ISA in the last 12 months, by household income 2023
    • Reasons for saving in ISAs
    • Graph 20: reasons for putting money into an ISA(s), 2023
    • Graph 21: reasons for putting money into an ISA(s), by type of ISA, 2023
    • Graph 22: savers/investors who choose to put money into an ISA because it was recommended to them, by type of ISA, 2023
    • ISA Intentions
    • Graph 23: ISA considerations in the next 12 months, 2023
    • Attitudes towards ISAs
    • Graph 24: attitudes and behaviours towards statements about ISAs, 2023
  4. Innovation And Marketing Trends

    • Competitive strategies and innovation
    • Advertising and marketing activity
    • Graph 25: monthly above-the line, online display and direct mail ISA adspend on ISAs, 2022-23
    • Graph 26: proportional distribution of above-the line, online display and direct mail adspend on ISAs, by media type, 2018/19-2022/23
  5. Appendix

    • Market forecast data and methodology
    • Report scope and definitions
    • Methodology

About the report

This market report provides in-depth analysis and insight supported by a range of data. At the same time, introductory and top-level content is provided to give you an overview of the issues covered.

Market

Mintel provides a range of market information, frequently through the category level, including market size and forecasting, complete with market drivers that illustrate the forces that shape a category or market.

Consumer

Mintel’s proprietary consumer research provides our analysts with the attitudinal and behavioral data used to provide valuable insight to topical issues.

Brand/Company

Mintel provides overviews of the top brands and manufacturers, and uses consumer research to explore attitudes and reactions to brands, as well as insight into what will resonate with consumers.

Data

Market reports provide appendices of data to support the research and insight produced. Our databooks* are easily manipulated and downloadable to support your research needs and covers factors from consumer attitudes to market forecasts.

*databooks not available with UK B2B Industry reports.

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2024 Sample Consumer Cover

Please Note: This is a sample report. All of the figures, graphs, and tables have been redacted. Our reports are available to download in PDF and PPT formats.

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