A concerning new study has revealed that a staggering 25% of women in the UK have never heard of Individual Savings Accounts (ISAs), a fundamental financial product that could help them save thousands of pounds tax-free.
The ISA Awareness Gap
The research, conducted by a leading financial institution, highlights a significant gender gap in financial knowledge. While 83% of men were familiar with ISAs, only 75% of women recognised the term.
Why This Matters
Financial experts are sounding the alarm about this knowledge gap:
- ISAs allow tax-free savings up to £20,000 annually
- Women could be missing out on substantial long-term gains
- The gender pension gap may worsen without this knowledge
The Bigger Picture
This finding comes amid growing concerns about financial literacy in the UK. The study also found:
- Younger women (18-24) showed the lowest awareness levels
- Many confused ISAs with other savings products
- Regional variations exist, with Londoners most informed
Expert Advice
"This isn't just about ISAs - it's about women taking control of their financial futures," says Sarah Coles, personal finance analyst. "Starting with basic products like ISAs can build confidence for more complex decisions."
The financial services industry is being urged to do more to engage women with clear, accessible information about savings and investment options.
