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September 6, 2009    

Over 50s plan to use £10,200 ISA allowance

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by David Masters

Nearly half of savers over 50 plan to make the most of their increased ISA allowance next month.

From 6 October, the maximum ISA allowance for over 50s will increase from £7,200 to £10,200.

A poll by Legal & General (L&G) found 44% of ISA investors over 50 plan to use the increased allowance.

A further 32% said they are unsure, and will wait to find out what their financial position is.

Fewer than a quarter (24%) of those polled said they are not planning to invest.

L&G said the results of the poll were “reassuring”.

“It makes sense for the over 50’s to take advantage of the increase in ISA allowances if they have any savings in deposit accounts, which do not offer the same generous tax advantages,” said Claire Evans, L&G’s savings marketing director.

However, Evans added that the government “could clearly do more to help to raise awareness of the change to ISA allowances”, as 47% of frequent investors did not know about the changes.

The ISA allowance for savers under 50 will increase to £10,200 in April 2010.

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