Nearly 30% of UK adults don’t understand stocks and shares ISAs

A survey by Barclays has discovered that 29% of UK adults have no understanding of how a stocks and shares individual savings account (ISA) works.

The results also show that just 6% of 18-24 year olds actually have a stocks and shares ISA, despite 26% of respondents claiming they would consider setting one up if they could do it online.

Paul McNamara, managing director of Barclays Insurance and Investments, says: “An ISA provides a tax-efficient wrapper to make a stocks and shares portfolio work hard.

“A significant proportion of UK adults remain uncertain of the benefits to be gained from opening an ISA and we would encourage them to consider the options available to meet their needs and, where appropriate, to make the most of this year’s tax allowance before the deadline hits.”