- Almost one in five (18%) would definitely consider putting money into a British ISA
- Current ISA savers most likely to take advantage of the new product, with 57% of those who already have an ISA expressing interest
- A lack of savings (26%) and a disinterest in investing in UK assets (22%) are the main reasons for those who would not consider opening a British ISA
Following the announcement of the new British ISA, half of UK adults (48%) would consider opening a British ISA, according to global research and insights agency Opinium’s latest polling. Almost one in five (18%) say they would ‘definitely’ consider opening one.
Among those who currently have an ISA, almost three in five (57%) would consider opening a British ISA, rising to over three-fifths (63%) amongst those with an existing stocks and shares ISA.
Main deterrent to opening a British ISA is a lack of funds to save or invest
A quarter (25%) of UK adults say they would not consider opening a British ISA, with the reasons behind this being:
- A lack of savings or investments (26%)
- A disinterest in investing in UK assets (22%)
- Not hearing enough about it to make a decision (21%)
- Preferring to use the existing £20k annual tax-free ISA allowance (18%)
- Expectation that the returns would not be as good as other savings or investment products (16%)
Alexa Nightingale, Head of Financial Services research at Opinium commented: “The new British ISA has created a stir since it was announced, and the idea has faced some criticism from those in the industry. Our research shows, however, that there is a significant amount of potential interest from the public in the new product, particularly among those with an existing ISA who may be eager to boost their tax free allowance. The British ISA is unlikely to be available until next year as the rules around it are currently being consulted on, but the Chancellor will be pleased to hear that there is interest among those who can afford to save.”
