Many over 50s 'will use full Isa limit'

Monday, March 8th 2010

Many savers over 50 are planning on using the maximum amount of their Isa allowance in the next financial year.

Saga revealed today (March 8th) that two fifths of over 50s surveyed will make the most of the increased limits and 41 per cent claimed they would use the whole amount.

Regional variations were noted and savers in London were the most likely to use the full Isa allowance.

Executive chairman of the organisation Andrew Goodsell 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."

A small amount - five per cent - of over 50s did not realise the limits were due to rise in April, when the new financial year begins.

From April 6th, all Isa investors will be able to annually invest £10,200 - up to £5,100 of which may be saved in cash.