英国ISA (个人储蓄帐户)

Abstract

Mintel' s Financial Intelligence series is currently divided into two sectors:

Product Series

The Product Series consists of four highly specialised sectors: (Money Transmission / Insurance / Life & Pensions / Investments & Savings)

These complementary sectors combine to give you ultimate flexibility, whether you want an industry-focused base of information, or a complete picture covering a wide range of consumer-based markets. Within each sector, every report provides a thorough analysis of the market, looking at:

• Market characteristics: profile of the consumer / penetration / trends / major suppliers / product profile/s / potential markets / European data
• Environmental analysis: social / legal / economic / political / technological
• Original consumer research (UK): a mix of demographic data and attitudinal statements

Marketing Concept Series

The Marketing Concept series focuses on 4 key areas of the financial services industry each year. Designed to provide an in-depth analysis upon which to base future strategic decisions, these reports are published quarterly and cover:

• Concept characteristics: review of major principles of concept / trends / overseas data/case study / review of major suppliers activities/ strategies/tactics
• Environmental analysis: social / legal / economic / political / technological
• Original consumer research: segmentation study

No other financial research company can provide you with this much coverage. With constant industry monitoring, you can be assured that each Financial Intelligence report is not only topical and up-to-date, but also allows Mintel to present you with analyses of any new and emerging sectors

Table of Contents

• Issues in the Market
• Report coverage
• Key issues
• Market definitions
• The main types of ISA product
• Stakeholder ISAs
• Abbreviations
• Market in Brief
• Healthy sales growth, particularly in the maxi ISA market
• The future looks even brighter
• Demand drivers
• Recent developments
• Movement in the cash ISA rankings
• Competition is intensifying
• Fund platforms are now a major force in the distribution landscape
• Providers put greater investment into advertising and promotion
• Key consumer research findings -- ISA penetration
  • Figure 1: Ownership of ISA products, 2006 and 2007
• Profile of the typical ISA subscriber
• Investment behaviour
• Cross-selling and targeting new prospects
• Broader Market Environment
• Key points
• Saving activity is set to pick up...
  • Figure 2: Total PDI, consumer expenditure and savings, 2003-12
• Implication
• ...as illustrated by the real growth in savings per capita
  • Figure 3: Average savings per UK adult aged 16+, at current and constant 2003 prices, 2003-12
• Implication
• A robust economy...
  • Figure 4: GDP annual growth and proportion of workforce unemployed -- UK, 1997-2007
• Outlook
• ...but inflation is up
  • Figure 5: Average annual changes in the bank base rate, CPI and RPI -- UK, 1997-2007
• Implication and opportunity
• The ' money illusion effect'
• The 2000-03 bear market benefited the sale of cash ISAs...
• ...but had a detrimental effect on the sale of equity ISAs
• An improving picture for equity investment
  • Figure 6: FTSE 100 and FTSE All Share -- daily index movements, April 1997-March 2007
• A cautiously optimistic outlook
• A growing pool of higher-rate taxpayers
  • Figure 7: Number of basic and higher-rate taxpayers, 1998/99-2007/08
• Implication and opportunity
• ABC1s account for a growing proportion of the adult population
  • Figure 8: Distribution of the UK adult population aged 15+, by socio-economic group, 1997-2012
• Implication and opportunity
• Another target group, the over-45s are also growing in number
  • Figure 9: Size of the UK population, by age group, 1997-2012
• Implication and opportunity
• Internal Market Environment
• Key points
• Tax appeal
• ISA regime extended indefinitely
• CTF to roll over into ISAs
• Current scheme structure is perceived as complex
  • Figure 10: Illustration of annual investment limits, from 6 April 2005 to 5 April 2008
• ISA limits to rise in 2008
• Key changes at a glance
• ISAs can hold a wide choice of investments...
• ... and a broad spectrum of funds
• Corporate bonds are losing their appeal...
• ...while property may also be losing its shine
• Self-select ISAs are a very niche area of the market
• Cash ISAs continue to be the most popular
• ISAs represent a falling proportion of net retail unit trust/OEIC ISA sales
  • Figure 11: Net retail unit trust/OEIC sales and proportion represented by ISAs, 2000-06
• Implication
• Tax relief on equity ISAs a red herring?
• PEPs and TOISAs
• Competitive Context
• Key points
• ISAs complement not compete
• Measuring their popularity against other product types
  • Figure 12: Penetration of ISAs and other savings and investment products, March 2007
• The ISA gap proves there is substantial scope to increase take-up
• Market inhibitors
• Limits are based on contributions not balances
• ISAs versus pensions
• Strengths and Weaknesses in the Market
  • Figure 13: ISAs -- SWOT analysis, 2007
• Market Size and Forecast
• Key points
• ISA sales continue to soar
  • Figure 15: New mini and maxi ISAs opened and amounts subscribed, 2000/01-2006/07
• Real growth in ISA subscriptions
  • Figure 16: Total amounts subscribed in mini and maxi ISAs, at current and constant prices, 2000/01-2006/07
• Investors show more interest in mini equity ISAs...
  • Figure 17: New mini ISAs opened and amounts subscribed, by type, 2000/01-2006/07
• Implication
• ...but they pay less into them, on average
  • Figure 18: Average subcription per mini ISA, by type, 2000/01-2006/07
• Implication and opportunity
• Healthy rise in maxi ISA investment
  • Figure 19: Amounts invested in maxi ISAs, by component type, 2000/01-2006/07
• Implication and opportunity
• Average maxi ISA subscriptions in 2006/07 highest on record
  • Figure 20: Average subcription per maxi ISA, 2000/01-2006/07
• The size of the ISA market under the new simplified structure
  • Figure 21: Illustration of new ISA business under new structure, 2000/01-2006/07
• Implication
• Market forecast -- strong sales growth predicted
  • Figure 22: Forecast of new ISA business, by component, 2006/07-2011/12
• Factors incorporated
• Segment Performance
• Key points
• More than £180 billion held in ISAs
  • Figure 23: Value of funds held in each of the three ISA components, 2000-06
• OEICs are the largest segment of the stocks and shares component
• Implication
• Market Share
• Key points
• Market leader Halifax has a 22% share of the cash ISA customer base
  • Figure 24: Provider share of mini cash ISA customer base, March 2007
• Halifax and HSBC are the main gainers in 2006/07...
  • Figure 25: Change in provider share of mini cash ISA customer base (top 11 only), 2006 and 2006
• ...while Nationwide loses share
• A branch network is a major advantage
• Smaller players and new entrants
• Reasons for non-entry
  • Building societies fare well in the cash ISA market
  • Figure 26: Share of ISA balances outstanding (cash component only), by main types of provider, February 2007
• Implication
• Leading ISA fund managers
• Halifax moves into pole position
  • Figure 27: Top 15 unit trust/OEIC ISA fund managers, by value of funds under management, 2005-07
• Top four account for two fifths of the market
• Companies and Products
• Key points
• Product differentiation
• Best cash ISA rates tend to be offered by smaller players
  • Figure 28: Highest-paying cash ISAs with a minimum balance of £10, mid-May 2007
• Additional restrictions
• Switchers targeted
• Price is less of a factor in the equity ISA market
• New partnerships
• Selected company profiles
• HBOS
• Nationwide Building Society
• Lloyds TSB Group
• Legal & General
• Brand Communication and Promotion
• Key points
• Big increase in cash ISA adspend
  • Figure 40: Total advertising expenditure on ISAs, by product category, 2002/03-2006/07
• Implication
• The press is the preferred media channel
  • Figure 41: Proportional distribution of adspend on ISAs, by main media, 2002/03-2006/07
• Legal & General maintains position as largest ISA advertiser
  • Figure 42: Top 15 ISA advertisers, 2005/06 and 2006/07
• Channels to Market
• Key points
• Most cash ISAs are sold direct
• People taking out equity ISAs often need advice
• Four fifths of equity ISA holders are Internet users
  • Figure 43: Internet penetration and online activity, by ISA holders, March 2007
• Implication and opportunity
• Equity ISAs and the main routes to market
• ISA sales via fund supermarkets are growing at the fastest rate
• Figure 44: Gross retail sales of unit trust and OEIC ISAs, by distribution channel, 2000-06
• Fund supermarkets have become the dominant channel
  • Figure 45: Proportional representation of gross retail unit trust and OEIC ISA sales, by channel, 2000-06
• The growth of fund supermarkets
• Leading brands
• What they offer
• The Consumer -- Product Penetration
• Key points
• Survey background
• Take-up of ISAs has increased over the past year
  • Figure 52: Ownership of ISAs and other savings and investments, 2006 and 2007
• Implication
• One in four adults have a mini cash ISA
• Preference for cash over equities
• Scope for expanding the ISA market
• A note about life insurance ISAs
• The extent of the ISA gap
  • Figure 53: Cross-analysis of product ownership, March 2007
• Implication and opportunity
• Gender enigma
  • Figure 54: Ownership of ISAs and other savings/investments, by gender, age and socio-economic group, March 2007
• Implication and opportunity
• The over-45s are a key segment
• Implication and opportunity
• ABs find ISAs particularly appealing...
• Implication and opportunity
• ...as do married couples
  • Figure 55: Ownership of ISAs and other savings/investments, by marital status, lifestage, Mintel' s Special Groups and tenure, March 2007
• Implication and opportunity
• Wealth is a major determiner
  • Figure 56: Ownership of ISAs and other savings/investments, by working status, gross annual household income, region and ACORN category, March 2007
• Implication and opportunity
• Waitrose and M&S shoppers record high penetration of ISAs
  • Figure 57: Ownership of ISAs and other savings/investment types, by new technology usage, newspaper readership, commercial TV viewing and supermarket usage, March 2007
• Implication and opportunity
• Over two thirds of ISA holders are aged 45+
  • Figure 58: Profile of ISA holders, by gender, age, socio-economic group and region, March 2007
• Implication and opportunity
• The Consumer -- Sourcing Cash ISAs
• Key points
• More than two thirds of savers obtained their cash ISA from a bank
  • Figure 59: Type of provider obtained cash ISA from, March 2007
• Different types of ISA provider attract different types of customer
  • Figure 60: Customer profile of the main types of cash ISA provider, by gender, age, socio-economic group and region, March 2007
• Implication and opportunity
• The Consumer -- Attitudes and Behaviours
• Key points
• Mini stocks and shares ISA holders are more likely to take advice...
  • Figure 61: Agreement with statements about ISA usage, by type of ISA held, March 2007
• Implication
• These proportions are likely to be understating the actual amount of both maxi and mini equity ISA sales arranged with advice (including advice delivered by sales agents in-branch or over the telephone). Some of the largest ISA providers have reported to Mintel that the vast majority of sales are generated face to face via a branch-based adviser.
• ...while maxi ISA subscribers are most likely to shop around
• Implication
• Mini equity ISA investors prefer making regular payments
• Implication
• Single-premium ISAs ideal for lump-sum investment
• Implication
• Proportion intending to invest the full cash ISA allowance falls
• Implication
• Many cash ISA savers are reluctant to make withdrawals
• Customer churn
• Implication
• A quarter of ISA holders are saving for their future
• Implication
• Customers of ' other' providers are more likely to shop around
  • Figure 62: Agreement with statements about ISA usage, by type of provider (cash ISA holders only), March 2007
• Implication and opportunity
• Men are more likely to use the Internet to find the best ISA deals
  • Figure 63: Agreement with statements about ISA usage, by gender and socio-economic group, March 2007
• Implication
• Three in ten 16-34-year-olds are saving for their future
  • Figure 64: Agreement with statements about ISA usage, by age, March 2007
• Implication