Savers Investing in funds have helped the UK total investment pass £500 billion, according to the Investment Management Association (IMA).
The figures show that savings in funds are rising following the strongest ISA season for eight years, with the amount of investors tying their money up in an ISA rising for the first time since the 2001/2002 tax year.
The IMA published the figures today showing positive fund sale statistics and says that following a strong ISA season consumers are gaining confidence and investing more of their money.
The 2009-10 tax year has proved the highest for ISA sales in eight years, with British investors putting away £3.5billion.
The position is also strong when compared with the past five years, when people withdrew more from their stocks and shares ISAs than they invested.
Richard Saunders, Chief Executive at the IMA, said: “Savings held in UK funds have topped £500 billion for the first time, something that would have been unthinkable a generation ago.
“ISA sales for the last tax year are the highest since 2001-02, as was the year-end ISA season. The strong propensity to save, as seen in 2009, has continued this year.
“Equities experienced a net outflow of funds in March and were the lowest selling asset class. The two top selling IMA Sectors in March were both Bond funds - £ Strategic Bond and Global Bonds.”
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