People born after 1981 urged to take HMRC action with Sunday April 5 2026 deadline

People born after 1981 urged to take HMRC action with Sunday April 5 2026 deadlineNew figures have found a distinct divideCommentsMoneySteven Smith Content Editor09:07, 04 Apr 2026Updated 09:11, 04 Apr 2026View 3 ImagesThere's one more day to maximise this year's allowance(Image: MementoJpeg via Getty Images)People born since 1981 are being given advice as a major HMRC looms tomorrow. The average ISA held by a Baby Boomer - generally defined as those born between 1946 and 1964 - now stands at £56,260, according to fresh data obtained by Bowmore Wealth Group through a Freedom of Information request to HMRC - nearly five times the £12,010 held by a typical Millennial - those born between 1981 and 1996.‌The figures emerge as the current tax year draws to a close on Sunday, April 5, with ISA allowances resetting when the new year kicks off on Monday. Yet even Baby Boomers' ISA savings are eclipsed by those of the "Silent Generation," individuals born before 1946, who boast average ISA investments of £67,950.‌One unexpected finding, according to experts, was that Generation Z - those born between 1997 and 2012 - had average ISA investments of £8,690, not significantly lower than their Millennial counterparts.‌Bowmore noted that this once again raised the frequently debated question of whether Millennials have put aside sufficient savings. Many argue that Millennials have struggled to accumulate wealth comparable to previous generations due to sluggish wage growth following the Global Financial Crisis, coupled with soaring housing costs.View 3 ImagesOlder people have more in the bank(Image: fizkes via Getty Images)John Clamp, Chartered Financial Planner at Bowmore Financial Planning, said: "The data highlights a clear generational divide when it comes to ISA savings. While older generations have benefited from decades of compounding and consistent contributions, younger investors appear to be falling behind at a crucial stage in their financi...