The ISA landscape: Consumer knowledge and engagement

Published  08 October 2025
   5 min read

To understand how consumers think and act about ISAs, we commissioned independent research with a nationally representative sample of 4,000 UK adults.

Royal London is the UK's largest mutual life, pensions and investment provider and we recently launched a Stocks and Shares ISA.

Our research reveals:

  • who is investing in Stocks and Shares ISAs
  • why they have ISAs
  • the role of financial advisers in their decision making.

It also identifies some of the barriers to investing and how we can equip consumers to understand the options.

 

Read the report

Key findings

 

ISA investment

  • Stocks and Shares ISAs make up the biggest market share

    But most new contributions go into Cash ISAs.

  • More men than women have Stocks and Shares ISAs

    There is little gender difference in Cash ISA ownership.

  • Tax-free returns are the most attractive feature

    Potential for higher returns and the £20,000 allowance are also key attractions.

  • Few ISA holders invest up to the limit

    Only 16% of ISA holders in our sample save or invest up to the £20,000 allowance limit.

  • Retirement is a key ISA goal

    Nearly half of all Stocks and Shares ISA holders use it to save for their retirement.

Understanding ISAs

  • Cash ISAs are better understood

    More people understand the tax treatment of Cash ISAs than Stocks and Shares ISAs.

  • Most Stocks and Shares ISA investors know how they work

    90% of users claim some knowledge, 32% a lot of  knowledge and 7% none.

Barriers to investing

  • Over half the sample had no investments

    Not having enough money and fear of losing money are the most commonly cited reasons.

  • Better returns are persuasive

    39% said a potential better return could persuade them to move cash into a Stocks and Shares ISA.

Role of advisers

  • Advisers are the most popular source of support

    30% of Stocks and Shares ISA holders used a financial adviser for advice.

  • Advisers’ knowledge is highly valued

    Over half of those who used an adviser valued their knowledge most.