Savings warning: Cash ISAs ‘won’t protect’ cash from soaring inflation rate | Personal Finance | Finance

“While it’s fantastic that armchair investors stampeded into Stocks & Shares ISAs last year, with subscriptions jumping by 860,000, there’s still work to do.

“More than eight million people continued to surrender their hard-earned cash to below inflation returns by pouring £36.8billion into Cash ISAs.

“Now that inflation is soaring, no one can afford to make that mistake. Meanwhile, those contributing to Stocks & Shares ISAs contributed another £33.9billion but saw the market value of these accounts swell 31 percent to £398.7billion.”

Furthermore, the financial expert noted that the stocks and shares have proven to be a more healthy investment option for savers during the cost of living crisis.