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?
And one in three Brits has less than £1,500 in savings
The number of Adult ISAs in the UK is falling, down from 12,657 in 2015/16 to just 10,815 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? We looked into the numbers of Brits who have savings and the reasons as to why many of us don’t.
15% of Brits have no savings at all
With 22-29 year olds being the worst at saving, with 53% having no savings at all
The Money Advice Service recommends having three months of expenses saved
However, just under one in three Brits have less than £1,500 in savings
Men tend to be better at saving with 55% of men adding to their savings each month
While only 43% of women reported to adding to their savings each month
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
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 ISA or a Stocks and Shares ISA.
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)
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)
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
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)
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)
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.
Current accounts can offer a number of different perks, including better interest rates, cash incentives for switching and overdrafts. You might consider if your current account is offering you the best features. Read more…
Charlie Barton is a publisher at Finder. He specialises in banking and investments products, including banking apps, current accounts, share-dealing platforms and stocks and shares ISAs. Charlie has a first-class degree from the London School of Economics, and in his spare time enjoys long walks on the beach.
How likely would you be to recommend finder to a friend or colleague?
Very UnlikelyExtremely Likely
Thank you for your feedback.
Our goal is to create the best possible product, and your thoughts, ideas and suggestions play a major role in helping us identify opportunities to improve.
finder.com is an independent comparison platform and information service that aims to provide you with the tools you need to make better decisions. While we are independent, the offers that appear on this site are from companies from which finder.com receives compensation. We may receive compensation from our partners for placement of their products or services. We may also receive compensation if you click on certain links posted on our site. While compensation arrangements may affect the order, position or placement of product information, it doesn't influence our assessment of those products. Please don't interpret the order in which products appear on our Site as any endorsement or recommendation from us. finder.com compares a wide range of products, providers and services but we don't provide information on all available products, providers or services. Please appreciate that there may be other options available to you than the products, providers or services covered by our service.