Fewer Britons are planning to save into a cash or stock and shares Isa this tax year compared to last year, according to an annual study.
The research by Standard Life found that most Brits are still busy cost cutting and coping with austerity to save more money into an Isa.
Fewer say they plan to actively save in a cash Isa this year than last (38% this year compared to 41% last year). The same applies to a Stocks and Shares Isa (only 9% plan to save in one this year compared to 11% of the study sample last tax year).
Standard Life's Julie Hutchison said: "The clear message from our research is that we, as a nation, are great at cutting costs but aren't so savvy in translating that into 'building savings'. We still need to give the savings we are making for our future a bit more TLC.
"From July this year we will be able to save up to £15k in the New ISA and we will also be able to transfer ISA savings freely between cash or stocks and shares. So rather than squirrelling all of our money away in a savings account, we now have a chance to save smart with even more of our money. The higher ISA limit also increases the opportunity we have to invest in stocks and shares tax efficiently, with the potential for higher returns than if we keep everything in cash."
The online survey of 2591 adults was conducted on behalf of Standard Life in early March, before this year's Budget announced an increase in Isa savings limits.
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Standard Life says that people remain cautious with their money and are concentrating on things such as buying second hand, reviewing insurance premiums, budgeting and ensuring they get the best deals all round.
More than 20% rise in people regularly reviewing utility providers and phone/internet tariffs
Shoppers are becoming increasingly good when it comes to cost cutting, according to the latest findings of an annual online survey from long term savings and investment specialist Standard Life by YouGov Plc. More than 9 out of 10 people (92%) actively manage costs to make their money go further.
There has been a strong growth in the number of people reviewing phone tariffs, internet tariffs and utility providers and more of us than ever now go online to find the best deals.
More young people in particular have taken steps to actively control their costs in the past year. 42% more under-25s are regularly reviewing their phone and internet tariffs to save money and 33% more are making sure they pay off their credit cards each month.
Meanwhile, 21% more people aged 55 and over report that they set themselves a weekly or monthly budget– although as a nation, the number of people budgeting has declined by 5% this year.