Don't miss out: HMRC tells those born after 1981 to act before April 5

People born after 1981 are urged to check their ISA savings before the April 5 deadline. Data shows younger adults have less saved than older generations. Experts say starting early can help build money over time. The yearly ISA limit resets soon, and unused allowance is lost. Future rule changes may also push more people toward investing instead of holding only cash savings. People born after 1981 are being told to act fast before April 5 because the tax year is ending and ISA limits will reset. New data shows older people have much more saved in ISAs compared to younger generations. The data was collected by Bowmore Wealth Group using a Freedom of Information request to HMRC. Baby Boomers (born 1946-1964) have an average ISA saving of £56,260. Millennials (born 1981-1996) have only £12,010 on average in their ISAs. That means Baby Boomers have almost five times more savings than Millennials. The "Silent Generation" (born before 1946) have even more saved, about £67,950 on average, as cited by Daily Star. Generation Z (born 1997-2012) have around £8,690 in ISAs, which is close to Millennials. Experts said this shows Millennials may not be saving enough for the future. Some believe Millennials struggled because wages grew slowly after the Global Financial Crisis and house prices became very expensive. John Clamp said the numbers show a clear gap between generations. He said older people had more time to save and benefit from compounding growth. He also said young people are falling behind at an important stage of their financial lives. Experts say even small regular savings can grow a lot over time because ISAs are tax-free. They advised Millennials and Gen Z to start saving early to improve financial security. Right now, people can put up to £20,000 into ISAs each year, as cited by Daily Star. This allowance resets on April 6 when the new tax year starts. Any unused ISA allowance is lost if not used before the deadline. From April 2027, new rules announced by Rachel Reeves will change how cash ISAs work. Only £12,000 will be allowed in a cash ISA under the new rules. The total £20,000 limit will stay the same. The remaining £8,000 will need to go into a stocks and shares ISA. Experts say people who can take risks may want to invest in stocks and shares ISAs. They said stocks and shares usually grow more than cash savings over time. John Clamp said many investors struggle between safety and long-term growth, as noted by Daily Star. He warned that keeping money only in cash can limit growth, especially when inflation is high. He added that long-term investing through ISAs can help build wealth faster. Q1. Why must people born after 1981 act before April 5? They must use their ISA allowance before the deadline because it resets and unused tax-free savings are lost, according to HMRC. Q2. What ISA rule is changing in 2027? From 2027, only £12,000 can go into cash ISAs while the rest must go into investments under plans announced by Rachel Reeves.