Two-fifths of over-50s 'use maximum ISA allowance'
09 March 2010 09:28:17
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| Over-50s plan to take advantage of new ISA limits. |
Saga Personal Finance found that 41% of over-50s expect their savings to reflect the recently increased ISA limits, which were raised to £5,100 for a cash ISA and £10,200 for an investment ISA for those aged 50 and over in October 2009.
The vast majority of respondents to the Populus poll of 15,393 UK residents said that they were aware of the new limits, which allow accountholders to avoid tax on an even greater proportion of their savings.
Over one-third also revealed that they had already topped up their ISA savings accounts since October.
Andrew Goodsell, executive chairman of Saga, said: "With low interest rates, it is important that people make their money work hard for them.
"I am pleased to see that savvy over-50s are making the most of the increased ISA limits."
Last week, Barclays Stockbrokers published research suggesting that more than three-quarters of eligible investors aged 50 or over were planning to take advantage of the new ISA limit.
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