Scottish ISA holders saving more than anyone else in UK

Scottish ISA holders saving more than anyone else in UK

Scottish savers have more money in their ISAs than their UK counterparts, according to new figures from HMRC.

According to the data, there are 1.4 million Scottish adults with ISAs with an average holding of £29,861, higher than all other countries in UK. However, fewer of them use the tax-efficient saving scheme.

This is the highest average amount in the UK and increased nearly £5,000 from the year before when Scottish savers had just under £25,000 in their ISAs.

However, just 31.5% of adults in Scotland hold an ISA, a lower rate than England, Wales, and the UK average.



Sean McCann, chartered financial planner at financial advisers NFU Mutual, said: “Putting money into an ISA is one of the simplest things you can do to help protect any returns from the taxman, whether saving for yourself or a child.

“It’s encouraging that Scottish savers are using their allowances more than the rest of the UK. If you have savings and investments but don’t use your £20,000 ISA allowance, you could be losing out.”

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