UK Individual Savings Accounts Industry Discussed by Timetric in New Research Study Now Available at MarketPublishers.com12 Feb 2015 • by Natalie Aster
LONDON - With interest rates being at their lowest levels after individual savings accounts (otherwise known as ISAs) were introduced, commitment of UK consumers to saving has dropped significantly. Consequently, the ones who can afford to save take a decision to pay off their long-standing debts or opt for shares accounts or stocks.
In early 2012, the average rate offered on cash ISAs stood at 2.55 percent. The figure was no more than 1.64 percent in early 2014. In the meantime, the average rates for savings accounts notably decreased since 2008. They were at 1.48 percent in 2014. In FY2013-2014, over two thirds of ISAs opened were still in cash.
At present, stocks as well as shares ISAs have initiated to show signs of recovery. Real wages did not show any positive growth over 2009-2013 and the first three quarters of 2014. In 2014, consumer credit growth picked up for the first time after the financial crisis. Demand for credits as well as their availability grew as well (in Q2-Q3, 2014).
New research report “Individual Savings Accounts in the UK - Key Trends and Opportunities to 2018” drawn up by Timetric offers a deep insight into the ISA industry in the UK. The study uncovers the market size and ISA interest rates; provides thorough market outlook and details on the economic backdrop as well as saving behavior. The report examines the competitive landscape and reveals recent changes related to ISAs and upcoming regulations. Valuable data on market drivers, main banks and latest developments can be found in the study too. Besides, the report contains an industry development forecast through 2018.
Individual Savings Accounts in the UK - Key Trends and Opportunities to 2018
Published: February, 2015
Price: US$ 2,795.00
More new cutting-edge research reports by the publisher can be found at Timetric page.