Almost two-thirds (62 per cent) of people do not have an individual savings account (Isa), it has been revealed.
The figures, released by Nationwide reveal that half of those who do not have an Isa say that they do not have enough spare cash to invest in one.
A further 18 per cent say that they need access to their money, so put their cash in other savings accounts, despite the fact that an Isa is instant access.
While 17 per cent say they do not understand them and so have not taken out an Isa.
Matthew Carter, director for savings at the Nationwide, said: "It's a concern that two-thirds of people do not have an Isa. Isas were introduced ten years ago and yet some people still do not understand them or feel they haven't enough money to invest in them."
He added that anyone can benefit from the tax free nature of an Isa, no matter how much money they have to save .
Last week, a separate study by New Star Investment Funds found that 62 per cent of respondents said they did not intend to make use of their Isa allowance this year.
Two-thirds miss out on Isa perks
Two-thirds miss out on Isa perks
Mon, 17 Mar 2008
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