One in six ISA holders say they never review the performance of their ISA pots.
New research has suggested that millions of the nation's savers are completely in the dark about how their ISAs are performing.
The study from Nutmeg found that while two in five adults are putting money into an ISA, whether in cash or stocks and shares, many have no idea how that money is actually performing. Of the 2,000 people Nutmeg surveyed, a whopping 22% said they had no idea what returns they might be getting. Extrapolated out to the whole country, that would mean just under seven million ISA holders are clueless about the performance of their ISA.
In fact, only 18% of respondents said they are confident they know exactly what returns or interest their ISA pots are collecting.
"I can't be bothered"
The survey reveals a staggering level of apathy.
Around 15% say they never review their pots, despite the fact that many of them are well aware that they could be missing out on better returns.
[SPOTLIGHT]A little Under a third of those who don’t review their ISAs know that their investments aren't getting the returns they want, they just haven’t got round to making any changes. Over half said they are happy as long as their pots aren’t losing money.
An incredible 40% admit that they can’t be bothered to review their savings, while 33% said they just aren’t interested in reviewing or updating their ISAs.
Compare Cash ISAs with lovemoney.com
Engaging with your savings
If you've put your money away in an ISA and forgotten about it, now is as good a time as any to check how your money is doing. Taking more of an interest in how your savings are performing can ensure you get a much better return. And with the end of the tax year in April, we are now heading into 'ISA season' when providers tend to offer their best deals.
Check out the Top Cash ISAs for transfers to see what rates you can get if you move your money.
If you have a stocks & shares ISA, remind yourself of where you have invested your money and how those investments are doing. Do those investments still represent a level of risk that you're comfortable with? You should also check exactly what fees you are paying for your ISA, as these can make a big dent in your investment returns. If they are too high, don't be afraid to switch (though make sure you know exactly what it will cost you in exit fees first).
You can compare stocks & shares ISAs with the new lovemoney investment centre. Remember, with all investments your capital is at risk.