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Only 8% were supportive, and the others didn’t have an opinion either way. It also highlights that the majority of UK savers who currently save in Cash ISAs are unwilling to take a risk with their hard-earned money.

Two-thirds (67%) of Cash ISA savers said they knew about Stocks & Shares ISAs and another 30% had heard of them, but 90% of Cash ISA savers said that it is important to them that they get back at least the amount they have saved or invested, a guarantee that can only be provided with cash savings.

These savers are conscious that inflation can erode their spending power, with almost all (90%) confirming they are aware that if the prices of goods and services rise faster than their savings grow, they can buy less with their savings. Figures from HMRC show almost half (47%) of Cash ISAs are held by people with incomes of less than £20,000 a year, and the average savings balance is just under £13,400.

Currently, a whopping four in ten (40%) UK adults choose to save in a Cash ISA, with around half that number (21%) choosing to save in Stocks & Shares ISAs.

Interestingly, whilst the argument for curbing Cash ISAs is to increase investment in the UK and support the Government’s growth agenda, separate analysis of UK stocks and shares investments by the Investment Association shows that only around £1 in every £10 (11.5%) is invested in UK companies.

Robin Fieth, chief executive at the Building Societies Association, said: “Cash ISAs form an important part of individuals’ savings plans, and it’s clear that many people are making a conscious decision to save in cash rather than stocks and shares.

“Cash ISAs are also an important source of funding for building societies, credit unions, banks and other providers which use the deposits to fund their lending to individuals, families and businesses. With the Government committed to increasing home ownership and building 1.5 million new homes, it’s baffling why the Chancellor would want to risk making mortgage availability more difficult and more expensive for first time buyers and home movers.

“A cut to the allowance would be the first time it’s been reduced since ISAs were introduced in 1999 by the then Labour government. The aim was to ‘make Britain a nation of savers again’, focused on people on lower and middle incomes who were saving for their future.

“We will continue to press the Chancellor to listen to all sides of the Cash ISA argument, not just to the loud voices of a group of self-interested big businesses. We would welcome the same opportunity to meet with her and discuss the important reasons why she should not reduce the amount hard working people can save in Cash ISAs.”