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Thursday, 18 September 2014

ISAs (Individual Savings Account) UK 2014 - worldwide Industry Size, Share, Trend, Growth and Analysis

ISA providers should embrace the new ISA reforms and ensure that they can offer consumers the maximum amount of flexibility that the new ISA rules can afford. The traditional line between cash and stocks and shares ISA providers is now blurred. Cash ISAs should begin looking at offering consumers a simple range of investment options, and stocks and shares providers need to consider the rates of interest that they pay on cash.

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Table of Content

Introduction

Product definitions
Abbreviations

Executive Summary

The market
The ISA market is expected to grow over the next five years, aided by the 2014 Budget changes
Figure 1: Forecast of total adult ISA subscriptions, at current prices – fan chart, 2008/09-2018/19
OEICs and Unit Trusts grow in popularity
Market factors
The 2014 Budget will shake up the savings, investments and pensions industry
Falling savings ratio has hit cash savings
The FLS and BoE base rate continue to keep ISA interest rates at rock bottom
Increasing numbers of ISAs are sold directly online
Other recent market developments
Companies, brands and innovation
The largest banks dominate the cash ISA market
Figure 2: Providers’ market share based on total retail savings balances, shown on a group basis, UK, 2013
St.James’s Place becomes the largest unit trust/OEIC ISA provider
Figure 3: Top ten unit trust/OEIC ISA providers, by value of funds under management, May 2014
Adspend for cash ISAs continues to decrease as adspend on stocks and shares ISAs increases
The consumer
A quarter of adults have an instant access cash ISA
Figure 4: Ownership of savings and investment products, June 2014
31% simply opted for the ISA that their current account provider was offering
Figure 5: Reasons to choose an ISA Provider, June 2014
Around a quarter of consumers use their ISA for unexpected events
Figure 6: Uses for ISA savings or investments, June 2014
Half of all ISA holders are happy with their existing provider
Figure 7: Attitudes towards ISAs, June 2014
Instant access is the key attraction, even at the cost of interest payments
Figure 8: Preferences of types of cash ISA accounts, June 2014
What we think

Issues and Insights

NISA flexibility will make consumers more willing to dabble in stocks and shares
The facts
The implications
ISAs will complement, not compete with pensions, despite pension reforms
The facts
The implications
Few consumers will be able to take full advantage of the new ISA allowance
The facts
The implications

Trend Application

Giving consumers the flexibility to meet unexpected costs and save for the future
Nudging consumers towards better savings habits
Mintel futures: Generation Next

Market Drivers
Market Size and Forecast
Market Share
Companies and Products
Brand Communication and Promotion
Channels to Market
Ownership of ISAs
Reasons to Choose an ISA Provider
Uses for ISA Savings or Investments
Attitudes towards ISAs
Preferences for Types of ISA Savings Accounts
Appendix – Market Size and Forecast
Appendix – Ownership of ISAs
Appendix – Reasons to Choose an ISA Provider
Appendix – Uses for ISA Savings or Investments
Appendix – Attitudes towards ISAs
Appendix – Preferences for Types of ISA Savings Accounts


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