The latest data from HMRC reveals an “astonishing” 40% of high earners failed to take out an ISA in the 2018/19 tax year.

More than seven in 10 adults (38m people) say that in the last 12 months their household has saved money as a result of reduced spending due to Covid-19, with 4.4m of households saving over £10,000 each.

Record low interest rates are fuelling a stocks and shares ISA boom at one provider.

NS&I, the government-backed savings provider, has promised better service after being overwhelmed by a surge in business in the second half of 2020 before it slashed its rates.