LONDON, UNITED KINGDOM--(Marketwired - Dec. 9, 2013) - Perhaps many Brits are in need of a holiday break already because it seems given the opportunity to spend a large sum of money - £11,500 - frivolously, the majority of us would opt to pack our suitcases and head abroad, according to a recent survey commissioned by Legal & General, one of the UK's foremost financial firms.
The survey sought to find out how the public would spend £11,500 - roughly equivalent to 2013/14s ISA limit - if they were given the chance; no strings attached. Sent out to a customer base via email last month, the survey was commissioned ahead of George Osborne's autumn statement, which the Chancellor delivered yesterday.
From the 743 people who took part, the researched showed that a whopping 352 (47%) said that they would spend the money on some form of holiday, with 9% opting for a world cruise and 13% on a round the world trip. 155 respondents (21%) said that they would purchase a new car or motorcycle, while 47 (6%) said that they would use the money to improve their home in some way.
Somewhat surprisingly only 5% of those people who took part in the survey said that they would put the money into a savings account, like an ISA, or invest in property.
1.3% said that they would give the money away to a charitable cause.
Commenting on the findings a spokesperson for Legal & General said today:
"Rather than announce an increase in the maximum amount of money customers can invest in a Cash ISA or Stocks and Shares ISA, we thought it would be interesting to see what people would rather spend that figure on - or an equivalent - if they had the chance.
"And it seems an overwhelming majority of our survey respondents would opt to take a holiday or lifetime trip away. Perhaps people have grown tired of this winter weather already?"
George Osborne confirmed the ISA limit would increase in the 2014/15 tax-year to £11,880 - half of which could be invested into a Cash ISA. However he stopped short of announcing whether the government would introduce a cap on tax-free ISA savings as was widely expected.
For more information on your ISA options, please visit the Legal & General Investments website.
Please remember the value of an investment and any income from it may fall as well as rise. You may get back less than you invest. Although there is no fixed term you should consider investments of this type as a medium to long-term commitment of, ideally, at least five years.
The tax treatment of ISAs is based on current rules, is not guaranteed and may change. The value of the tax benefits depends on individual circumstances.
|Legal & General (Portfolio Management Services) Limited
|One Coleman Street
|London EC2R 5AA.
|Registered in England 2457525.
NOTES TO EDITORS
The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.
The Legal & General Group, established in 1836, is one of the UK's leading financial services companies. As at 31 December 2011, we were responsible for investing £378 billion worldwide on behalf of investors, policyholders and shareholders. We also have over seven million customers in the UK for our life assurance, pensions, investments and general insurance plans.