Three quarters of people over the age of 50 don’t know how much their annual ISA allowance is, according to the latest figures.
New research by Co-operative Financial Services found that 32 per cent of savers over 50 also wrongly believed that they can only save up to £3,600 in their bank accounts and 22 per cent thought they can save only up to £1,800.
In fact, over 50s can invest £5,100 a year in their cash ISAs – and from April, that limit will be extended to everyone.
Even if they don’t know how much they can invest, older people are keener on ISAs than their younger counterparts. Over 50s are 18 per cent more likely to have taken out an ISA this year and 51 per cent more likely to invest lump sums than under 50s.
And with the end of the tax year coming up, it’s more important than ever to compare bank accounts to get the best deal from your ISA.
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