UK ISAs market report
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Providing the most comprehensive and up-to-date information and analysis of the ISAs market, and the behaviours, preferences and habits of the consumer.
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What are the key challenges facing the industry? Who is the consumer and what do they want? Where are the opportunities, where are the risks and what lies ahead?
Covered in this report
For the purposes of this report, Mintel has used the following definitions:
- Individual savings accounts (ISAs) are a tax-free ‘wrapper’ that can hold a range of investments and cash, and are exempt from income and capital gains tax. ISAs have an annual subscription limit, which means savers can only invest up to a specified amount each year.
The ISA wrapper applies to both cash savings and stocks and shares investments:
- Cash ISAs are investments for cash savings. There are many varieties of cash ISA. Some will offer instant access to money with no penalty, while others will have restrictions, such as a fixed term, or require notice to be given before money can be withdrawn.
- Stocks and shares ISAs allow individuals to invest in a wide range of investments, including unit trusts, Open-Ended Investment Companies (OEICs), exchange-traded funds (ETFs), investment trusts, and corporate and government bonds.
A number of goal-specific and alternative investment ISA products have recently been launched or announced:
- Innovative finance ISAs offer savers a tax-free wrapper for any savings income earned from peer-to-peer investments.
- Help to Buy ISAs are a form of cash ISA specifically available for the purpose of saving towards a deposit on a first home.
- Lifetime ISAs are a new product that was announced in the March 2016 Budget and became available to savers in April 2017.
What you need to know
ISA contributions increased for the first time in four years in 2017/18. This can largely be attributed to a dramatic rise in stocks and shares ISA contributions, which continue to rise in popularity. Cash ISA subscriptions also grew, albeit by just 1.5%, to arrest two years of consecutive declines.
The lifetime ISA has come under considerable scrutiny since its inception in April 2017, but looks to be here to stay after government backing. Serious issues around its clarity and the lack of cash lifetime ISAs are harming its popularity. However, consumer attitudes indicate the opportunity for future growth.
Expert analysis from a specialist in the field
Written by Douglas Kitchen, a leading analyst in the Financial Services Analyst sector, his extensive knowledge delivers in-depth commentary and analysis to highlight current trends and add expert context to the numbers.
This report looks at the size of the cash, and stocks and shares ISA markets, and identifies the key market drivers and trends in the market. Mintel’s research also looks at the methods people use when researching ISAs, as well as ownership and important factors when choosing providers. Investment decision-making preferences are explored, as well as attitudes towards automated advice. Finally, the report looks into interest in and attitudes toward lifetime ISAs.
Financial Services Analyst
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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.
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* This is a sample representation of the report layout and does not reflect the research included in this report.
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