Almost half of people aged over 50-years in the UK have subscribed to the increased tax free ISA allowance, according to Barclays bank.
New figures released by the financial firm have revealed that 48 per cent of the country’s over 50s have already subscribed to the new limit.
Barbara-Ann King, head of investments at Barclays Stockbrokers, said: "It is encouraging that all investors are continuing to shelter their savings in ISAs and in particular that the over 50s have actively taken advantage of their increased tax-free allowance.
"With returns on cash savings rates remaining at an all-time low, investors are going to have to continue to work hard to get returns and the trend towards investing in Stocks & Shares ISAs is likely to increase still further as we move into the next tax year."
While funds from equity release schemes should not be placed into a savings account, the policies can also provide homeowners with a way to boost their income.
Such schemes can allow those who have concerns about the state of the country’s savings market to realise some of the potential of money they have already invested in a property.
