Britons say they need nearly £9,000 in cash before opening Stocks and Shares ISA, research finds

Survey for the US trading app’s UK limb suggests ostentation is rising up the docket for savers, but familiarity with non-cash ISAs remains limited

Britons judge they request a median of £8,764 held separately successful currency earlier opening a Stocks and Shares idiosyncratic savings account, with astir 1 successful 5 reasoning they request £20,000, according to probe commissioned by Robinhood.

Robinhood said the findings came arsenic the scenery for ISAs “is shifting”, with caller Budget announcements reflecting “careful policymaking aimed astatine improving the effectiveness of ISAs portion preserving the features consumers trust”.

The US trading app said the probe explored UK attitudes to ISAs, semipermanent redeeming and investing for individuals and their families and polled 3,311 people.

Robinhood UK precocious launched its archetypal Stocks and Shares ISA, offering zero relationship fees, debased overseas speech fees and a 2% currency bonus connected eligible contributions until 5 April 2026, taxable to presumption and conditions.

The institution said the probe pointed to a accordant taxable successful user preferences, with radical valuing information and accessibility portion besides wanting their wealth to clasp purchasing powerfulness and, implicit time, grow.

Respondents’ priorities reflected that tension, Robinhood said, with 32% saying their apical precedence was ensuring savings support gait with oregon outgrow inflation, portion 30% prioritised the imaginable for growth.

Only 17% of respondents said minimising the hazard of losing wealth was a defining diagnostic of wherever to save, Robinhood said.

Robinhood said involvement successful a Cash ISA dropped sharply erstwhile respondents were shown however ostentation erodes the existent worth of cash, with much than a 3rd of those initially funny losing involvement aft seeing the illustration.

The probe besides suggested a spread successful knowing betwixt currency savings and investment-based products, with 49% of respondents saying they knew astatine slightest a small astir however Stocks and Shares ISAs work.

Familiarity fell to 36% for the Lifetime ISA, Robinhood said, portion 9% of respondents claimed immoderate familiarity with the Innovative Finance ISA and 2% said they understood it well.

Jordan Sinclair, president of Robinhood UK, said: “Too often, investing is seen arsenic a reward for wealthiness alternatively than a mode to physique it.”

Sinclair added: “There is simply a wide accidental to situation this cognition and summation consciousness of the relation investing tin play successful creating fiscal freedom.”

“This is not astir moving distant from saving, but astir empowering UK consumers to marque clearer choices crossed assets truthful their wealth works harder for them,” Sinclair said.