ISA warning: 78% of UK adults are missing out on tax-free savings - Covid forces change

While the tax benefits can be substantial, analysis of the latest figures from the ONS revealed around 78 percent of adults in the UK do not have an ISA.

This means over 40 million individuals are potentially missing out on tax-free savings every year.

Of those without an ISA, Cushon research amongst 2,000 respondents found that 22.78 percent believed they do not save enough to make it worth having one and 21.45 percent want their money to be instantly available when they need it.

Additionally, 13.30 percent detailed they didn’t want or need one and 10.81 percent said they don’t understand ISAs so, therefore, haven’t opened one.

READ MORE: ISA savers losing over £100bn in cash accounts as MPs call for change