ISAs 'likely to grow in popularity'
The popularity of Individual Savings Accounts (ISAs) has risen in recent years, and this trend is likely to continue to grow, according to Michael Brill, director of Baronworth Investment Services, a firm offering independent financial advice. According to figures released earlier this month by HM Revenue and Customs, the amount of money saved in ISAs has now reached £208 billion, while the BBC has stated that the total value of ISAs has risen sevenfold from £29 billion since April 1st 2000. Mr Brill commented that investors are starting to turn to ISAs, because as well having the obvious benefit of being tax-free, traditional saving methods are beginning to look less attractive.He added that he expected the popularity of ISAs to continue to grow, saying: "A lot of people have lost confidence in pensions for the simple reason that, it's not so much for the investments, because the investments can be very similar to what you would put into ISAs - it is more that, because we are living longer the annuity rates have gone down so much over the last ten years and when people see what they are going to get for their money, they are not sure whether it is worth it."
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