Annual Savings Statistics (HMRC) – reaction from two financial planners

by | Jun 8, 2022

Share this article

Facebook Open Graph

This morning, HMRC published its Annual Savings Statistics report. David Robinson of Wildcat Law and Joshua Gerstler of The Orchard Practice gave their thoughts.

David Robinson, co-founder and chartered wealth manager at Wildcat Law: “Less money is going into the family pot, reflected by lower levels of junior and cash ISA savings. As more and more families struggle to pay their daily bills, one of the first things to go is savings, and it appears that yet again the real losers from the economic downturn will be children, with Junior ISA subscriptions down by roughly 6%.

“We can expect this trend to continue as the cost of living crisis bites this year. In the longer term this will put increased pressure on those from less wealthy backgrounds looking to attend university. Those that are still saving are taking a punt with their savings as stocks and shares ISA savings have increased whilst cash savings are significantly down.”

Joshua Gerstler, chartered financial planner at Borehamwood-based The Orchard Practice: “It’s great to see the amounts people are putting into Cash ISAs has decreased with people realising that investing in a Stocks & Shares ISA is a much better way to grow and maintain their wealth.

 
 

“Investing and saving were at a high during the pandemic and as people have returned back to normal life, their discretionary spending has increased and therefore the amount invested and saved has decreased. The sensible ones have maintained their monthly or annual contributions and will reap the benefits for many years.”

Share this article

Related articles

Winners of the Protection Guru Awards 2022 are announced

Winners of the Protection Guru Awards 2022 are announced

Protection Guru, has today announced the winners of Protection Guru Awards 2022. In this, their second year, the awards have been established to recognise the leading lights of the protection industry. The team at IFA Magazine extends our congratulations to all this...

Trending articles

IFA Talk logo

IFA Talk is our flagship podcast, designed to fit perfectly into your busy life, bringing the latest insight, analysis, news and interviews to you, wherever you are.

IFA Talk Podcast - listen to the latest episode

x