In less than a week the New ISA (NISA) is launched, but according to research by MoneySuperMarket, nearly two thirds (63%) of UK adults are unaware of the changes to the tax free savings allowance. This equates to 32 million people in the UK not knowing about NISA’s.
Of those that have heard of them, 24% do not understand the new rules.
Kevin Mountford, head of banking at MoneySuperMarket, said:
“I am surprised that so many people are unaware of the introduction of NISAs. Similarly, there is also a clear lack of understanding among many as to the rules and benefits of saving into one.
“The launch of NISAs is brilliant news for savers, not only will they be able to switch stocks and shares into cash, a move that wasn’t possible before 1 July, but the annual limit will rise to £15,000. This is almost 3 times as much as the current cash ISA limit and almost a third more than the stocks and shares limit.
“However, with so many people unaware of these rules, more needs to be done to ensure that people will actually reap the rewards.”