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Scottish Friendly, the friendly society and financial services group, has today revealed that those living in the South West of England are the most savvy when it comes to investment ISAs, often referred to as stocks and shares ISAs, with the average annual investment standing at an impressive £434 per customer – around £36 per month.
As the ISA season gets underway, the provider, which focuses on affordable investments for ordinary budgets, is urging savers to make full use of their stocks and shares ISA allowance and not simply let it go to waste. New data released today reveals that people living in Greater London came in second in the list of savviest savers, with an average of £424 being put away each year.
Investors in the North East and Yorkshire are lagging behind, with an average of just £311 being put away each year, equal to £26 per month. The Welsh weren’t far behind, with an average saving of £323 per year, around £27 per month.
Overall, across the country, a total of £1.4 million has been invested in the Scottish Friendly My Choice (ISA) since it was launched last year. This total indicates an average annual ISA saving of £376 per ISA.
Neil Lovatt, product director at Scottish Friendly, comments: "There is no ‘one size fits all’ ISA; it is a tailored product which can suit a variety of earnings. Even with an average saving of £376 a year being put away, the potential rewards, although not guaranteed, can be really impressive. Our friends in the South West have got the right idea; the key is to invest what you can, as often as you can."
Scottish Friendly has also produced a number of top tips for customers wishing to make the most of their ISA, with ideas on how to make their money go further.
The value of investments can go down as well as up and the amount invested is not guaranteed. Tax treatment depends on individual circumstances and tax law may change in future.
Scottish Friendly is not responsible for the accuracy of the information displayed on externally linked third party websites. The Scottish Friendly Group of Companies consists of the following companies: Scottish Friendly Assurance Society Limited – Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Member of AFM, Member of ABI: Life, Savings and Investments. Scottish Friendly Asset Managers Limited – Authorised and regulated by the Financial Conduct Authority. Member of The Investment Association. Registered in Scotland No 187215: OEIC Managers, ISA Managers. Scottish Friendly Insurance Services Limited – Authorised and regulated by the Financial Conduct Authority. Registered in Scotland No 113007. SFIS (Nominees) Limited - Registered in Scotland No 397351. Head office: Scottish Friendly House, 16 Blythswood Square, Glasgow G2 4HJ.