Savers paid £75bn into 13m new adult ISAs in the 2019/20 tax year, a rise of £7.1bn year-on-year, according to the latest ISA statistics from HMRC.
At the end of the 2019/20 tax year, UK savers held a total of £620bn in ISAs, a rise of 6% year-on-year and a new record.
More women invested in ISAs than men in with 10.5m women investing using ISAs compared to 9.7m men, according to the latest gender split data also released today (2018/19 tax year). However, despite this, the gender ISA gap was £2,991 in 2018/19, up from £2,812 a year earlier, and almost doubling in a decade (from £1,550 in 2008/9).
The number of cash ISAS opened rose 1.2m year-on-year whilst stocks and shares ISAs rose 300,000.
Payments into cash ISAs rose £4.8bn (to £48.7bn) whereas payments into stocks and shares ISAs rose £1.6bn (to £24.2bn) year-on-year.