Government keen for people to invest in ISA’s
by Kay Murchie
A recent survey by Scottish Widows, the investment consultants, established there is a shortage of knowledge among the general public when it comes to savings and investments and the group are anxious that nearly 40% of people in the UK do not have a nest egg for the near future.
The Investment Management Association (IMA) is urging potential savers to see what ISA’s are on offer as many changes will be occurring following the introduction of new government regulations in April 2008.
Individual Savings Accounts (ISA’s) were first launched in 1999 and over 17 million people have invested in one since that time and the government is keen to build on this success.
According to the economic secretary to the Treasury, ISA’s will allow investors to transfer funds from cash ISA’s into those investing in stocks and shares. The changes are targeted at helping consumers build a savings portfolio and should making saving through ISA’s simpler by doing away with the current difference between mini and maxi ISA’s.
Finally, from April 2008, all Personal Equity Plans (PEP’s) will automatically become stocks and shares ISA’s.
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