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Whether you’d rather hide money under the mattress or more wisely put it into a savings account, savings are key to help people plan their future, deal with accidents and secure a comfortable retirement. How good are Brits at putting money aside? And are we getting better or worse?
What's in this guide?
Key statistics
- 1 in 10 (9%) Brits have no savings at all
- A third of Brits have less than £600 in savings
- The number of Adult ISAs in the UK is falling, down from 12,657,000 in 2015/16 to just 10,815,000 in 2017/18
- More women than men are subscribed to Cash ISAs in the UK
- The number of Junior ISAs in the UK is rising, with over 900,000 open in 2017, up from 794,000 in 2016
- Despite more Junior ISA accounts being opened, the average amount invested is falling
- The average amount invested is now just £813, down from £1,050 just two years ago
Who has savings?
Just how many Brits have some cash set aside for a rainy day? Here are some figures on who has savings and the reasons as to why many of us don’t.
- The average Brit has £6,756.81 put away for a rainy day.
- Experts recommend people to have three months of expenses saved
- 40.93% of Brits don’t have enough savings to live for a month without income.
- While 22-29 year olds are the least likely to save, with 53% having no savings at all
Why aren’t Brits saving?
We all know it is a good idea to set some money aside, so why are so many Brits not doing so?
- 40% reported lacklustre earnings as the reason for not saving
- While nearly two thirds of Brits didn’t have a financial plan in place for 2018
- However 91% of Brits did report they planned to add the same if not more to their savings in 2018 than they did in 2017
Adult ISAs
An ISA account is the most popular type of savings account thanks to its tax free benefits. But, how many Brits are taking advantage of these tax-free savings accounts? Whether in the form of a cash individual savings accounts (ISAs) or a Stocks and Shares ISAs. If you’re not familiar with stocks and shares ISAs, they are savings accounts that allow you to invest in stocks and shares, usually based on the level of risk that you are comfortable with. We’ve compiled a list of the best trading apps to help you decide which is best for you.
Cash ISAs have become less popular over the last three years, while Stocks and Shares ISAs have become more popular. Explore the tabs below to find out more about the changes in ISAs that adults in the UK are saving their money in.
Number of Adult ISA accounts
The total amount of ISA accounts has fallen over the last three years, however the number of Stocks and Shares ISAs has slowly increased. The number of Cash ISA accounts in the UK is now just under 8 million, down from more than 10 million just two years ago. However there has been a rise in the number of Stocks and Shares ISA accounts, with more than 2.8 million accounts open in 2018. Explore the graph below to see more.
Number of accounts subscribed in current year (thousands)
| Year | Cash | Stocks and Shares |
|---|---|---|
| 2015/16 | 10,118 | 2,539 |
| 2016/17 | 8,480 | 2,589 |
| 2017/18 | 7,783 | 2,835 |
Total amount subscribed to Adult ISA accounts
The decrease in total number of Cash ISA accounts has also reduced the total amount invested in Cash ISAs in the UK, from nearly £60 million in 2015/16 to just under £40 million in 2017/18. Meanwhile the total amount invested in Stocks and Shares ISAs has been rising thanks to their increase in popularity. In 2018 more than £28 million was invested in Stocks and Shares ISA accounts. Explore below to find out more.
Total amount subscribed (£million)
| Year | Cash (millions) | Stocks and Shares (millions) |
|---|---|---|
| 2015-16 | £58,694 | £21,129 |
| 2016-17 | £39,191 | £22,325 |
| 2017-18 | £39,801 | £28,702 |
Average amount subscribed to Adult ISA accounts
The average amount subscribed into each type of ISA has also fluctuated slightly. The average amount in a Cash ISA has fallen to just below £5,000 while the average amount in a Stocks and Shares ISA is now over £10,000 for the first time.
Average amount subscribed per account
| Year | Cash | Stocks and Shares |
|---|---|---|
| 2015-16 | £5,801 | £8,322 |
| 2016-17 | £4,622 | £8,623 |
| 2017-18 | £5,114 | £10,124 |
Juniors ISAs
A Junior ISA is a tax-free long-term savings account for under 18’s in the UK. The current savings limit for the 2018/19 year is £4,260.
Number of Junior ISA accounts
Despite a decrease in the number of adult ISA accounts being opened, the number of Junior ISA accounts being opened is on the rise. In 2018 over 100,000 more junior accounts are open than in 2017.
Total number of Junior ISA accounts (thousands)
| Year (in 1000s) | Cash (in 1000) | Stocks and Shares (in 1000) |
|---|---|---|
| 2015-16 | 497 | 241 |
| 2016-17 | 569 | 225 |
| 2017-18 | 636 | 271 |
Total amount subscribed to Junior ISA accounts
The total amount subscribed to Junior ISA accounts has remained fairly consistent over the last three years and amounted to £902 million in in 2017-18.
Total amount subscribed to in Junior ISA accounts (thousands)
| Year | Cash (in 1000) | Stocks and Shares (in 1000) |
|---|---|---|
| 2015-16 | £522 | £399 |
| 2016-17 | £525 | £333 |
| 2017-18 | £517 | £385 |
Average amount invested in Junior ISA accounts
Interestingly the average amount invested in Stocks and Shares ISA accounts is more than Cash ISA accounts. Despite rising numbers of Junior ISA accounts being opened in the UK, the average amount invested in them is falling. Explore the graph below to find out more.
Average amount invested in Junior ISA accounts
| Year | Cash | Stocks and Shares |
|---|---|---|
| 2015-16 | £1,050 | £1,656 |
| 2016-17 | £923 | £1,480 |
| 2017-18 | £813 | £1,421 |
Click here for more research. For all media enquiries, please contact:
Matt Mckenna
UK Communications Manager
T: +44 20 8191 8806
UK Communications Manager
T: +44 20 8191 8806
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