ISA savers 'invested £3.5bn in last tax year'

ISA
investments reached £3.5 billion over the course of the last tax year, new statistics suggest.

According to the Investment Management Association (IMA), sales of ISA products also reached their highest point in eight years during the 2009/10 tax year.

2010 has seen the continuation of a "strong propensity to save" among consumers, according to the IMA's Chief Executive Richard Saunders.

He added: "ISA sales for the last tax year are the highest since 2001/02, as was the year-end ISA season."

The IMA has noted the impact that the Easter holiday may have had on ISA investments towards the end of the last tax year.

It has pointed out that the April bank holiday reduced the number of business days that were available as the 2009/10 period came to an end.

ISAs could be useful in people's retirement planning efforts, the Willis Owen Director Alan Easter recently suggested.

Posted by Liam Tomlinson.