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76% of over 50s live in cash ISA allowance ignorance
New research by The Co-operative Financial Services (CFS) reveals that when it comes to saving 76% of people aged over 50 don't know how much their annual Cash ISA allowance is.
Three quarters (76%) of over 50s don't know how much their annual ISA allowance is.
One third (32%) of savers over 50 wrongly believe they can only save up to £3,600.
One quarter (22%) of savers over 50 wrongly believe they can only save up to £1,800.
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The findings confirm that the recent allowance increase for over 50s has further blurred understanding of allowance limits; with savers aged over 50 more confused about their ISA allowance than younger generations. One third (32%) of over 50s wrongly believe they can only save £3,600 and one quarter (22%) believe they can only save up to £1,800, highlighting that the allowance increase has not been fully understood.
The figures also highlight savings behaviours of the over 50s with 18% more likely to have invested in an ISA this year than those under 50, 51% more likely to invest lump sums, and 63% less likely to be regular savers, when compared to the under 50s.
Published: 24/02/2010
The information in this article was correct at the time of publication and contains time sensitive data and links, it may not be accurate at the time of reading.