{"id":6116,"date":"2022-05-26T12:27:16","date_gmt":"2022-05-26T11:27:16","guid":{"rendered":"https:\/\/new.contentdeployment.co.uk\/tomd\/?p=6116"},"modified":"2022-05-27T12:30:45","modified_gmt":"2022-05-27T11:30:45","slug":"pensioners-sitting-on-cash-isas","status":"publish","type":"post","link":"https:\/\/new.contentdeployment.co.uk\/tomd\/2022\/05\/26\/pensioners-sitting-on-cash-isas\/","title":{"rendered":"Pensioners sitting on cash ISAs"},"content":{"rendered":"<div class=\"hd-block hd-block-paragraph\">\n<p><strong>An alarming\nset of data has come to light. Over three million pensioners are holding all of\ntheir ISA savings in cash!<sup>1<\/sup><\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>The analysis\nhighlighted that during the most recent year for which figures were available\n(2018\/19), there were 5.8 million over-65s holding ISAs, valued at just over\n\u00a3305bn in total, the average amount held was \u00a352,500. However, 3.4 million of\nthese were holding an average of \u00a325,383 exclusively in cash ISAs, with a total\namount of \u00a387bn sat in these vehicles. <\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>With very few\nof these 3.4 million pensioners likely to be earning interest of more than 1%,\nand many considerably less, former Pensions Minister Steve Webb commented, <em>\u201cWhilst\nholding small amounts of cash in an easy access account can be convenient,\nthese figures show that huge amounts of money are sitting rotting in cash ISAs.\nInflation is like a tax on savers. With inflation soaring, the spending power\nof cash savings is being savagely reduced. Many instant access cash ISAs pay\nlittle or no interest and runaway inflation will take a huge chunk out of the\nvalue of these savings.\u201d <\/em><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p>He continued<em>,\n\u201cOlder savers need to consider urgently whether keeping their money in these\ncash accounts is the best way to protect their hard-earned savings, especially\nwhen the real value of their State Pension is also being squeezed.\u201d<\/em> <\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><sup>1<\/sup>CP, Freedom\nof Information, 2022<strong><\/strong><\/p>\n<\/div>\n\n<div class=\"hd-block hd-block-paragraph\">\n<p><strong>The value of\ninvestments and income from them may go down. You may not get back the original\namount invested. A pension is a long-term investment. The fund value may\nfluctuate and can go down. Your eventual income may depend on the size of the fund\nat retirement, future interest rates and tax legislation.<\/strong><\/p>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>An alarming set of data has come to light. Over three million pensioners are holding all of their ISA savings in cash!1 The analysis highlighted that during the most recent year for which figures were available (2018\/19), there were 5.8 million over-65s holding ISAs, valued at just over \u00a3305bn in total, the average amount held [&hellip;]<\/p>\n","protected":false},"author":12,"featured_media":6093,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[32,89,88,90],"tags":[],"hd_content_source":[],"_links":{"self":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6116"}],"collection":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/users\/12"}],"replies":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/comments?post=6116"}],"version-history":[{"count":2,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6116\/revisions"}],"predecessor-version":[{"id":6118,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/posts\/6116\/revisions\/6118"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media\/6093"}],"wp:attachment":[{"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/media?parent=6116"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/categories?post=6116"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/tags?post=6116"},{"taxonomy":"hd_content_source","embeddable":true,"href":"https:\/\/new.contentdeployment.co.uk\/tomd\/wp-json\/wp\/v2\/hd_content_source?post=6116"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}