(PRWEB UK) 5 April 2012
Despite ISAs being launched almost 13 years ago, nearly three out of 10 UK adults (29 per cent) say they have no understanding of how a stocks and shares ISA works. Furthermore, less than one in 10 adults (9 per cent) say they have a full understanding of how a stocks and shares ISA works.
The results have come to light following a survey* by Barclays which also found that, while 50 per cent of UK adults think that the potentially better returns are the main reason for investing in a Stocks and Shares ISA, a lack of spare money is preventing 49 per cent from actually doing so.
Paul McNamara, Managing Director of Barclays Insurance & Investments, said: “An ISA provides a tax efficient wrapper to make a stocks and shares portfolio work hard. A significant proportion of UK adults remain uncertain of the benefits to be gained from opening an ISA and we would encourage them to consider the options available to meet their needs and, where appropriate, to make the most of this year’s tax allowance before the deadline hits.”
Whilst a cash ISA is still a popular option with 46 per cent of savers holding one, the survey also found that just over a quarter (26 per cent) would consider setting up a stocks and shares ISA using a designated online service. When drilling down into age groups, the survey revealed that only six per cent of 18-24 year olds currently have a stocks and shares ISA.
The Barclays Investments website features simple tools, videos and guidance to help customers learn more about investment products and how to reach their goals including a section to help understand attitude to risk. The full range of 72 ISA funds includes low-cost funds from some of the UK’s best known providers. Offered through the Barclays Investments secure online platform and by phone, all the funds come with no initial charge, no set up costs, and all are available within an ISA.
Barclays customers can now also see a seamless integration between their investments and their personal accounts, and able to purchase, track and service their online investments as an integrated part of their online banking experience.
Barclays Investments do not provide financial advice. If you are unsure if an investment is right for you, please seek independent financial advice. The value of investments can go down as well as up, so you could get back less than you invested
Notes to Editors:
*All figures, unless otherwise stated, are from YouGov Plc. Total sample size was 2070 adults. Fieldwork was undertaken between 6th - 8th March 2012. The survey was carried out online. The figures have been weighted and are representative of all UK adults (aged 18+).
Barclays is a major global financial services provider engaged in retail banking, including credit cards, home insurance, loans, bank accounts, savings accounts, corporate and investment banking and wealth management with an extensive international presence in Europe, the Americas, Africa and Asia. With over 300 years of history and expertise in banking, Barclays operates in over 50 countries and employs nearly 147,000 people. Barclays moves, lends, invests and protects money for 48 million customers and clients worldwide.