Britain’s over 50s are losing out on valuable savings benefits as they are unaware of the amount they are allowed to save in ISAs, it has been claimed.
A new report published by Co-operative Financial Services has revealed that 76 per cent do not know the amounts involved.
The research also revealed that 32 per cent wrongly believe the maximum limit is £3,600, despite the chancellor announcing in last year’s budget that the amount is set to increase from £7,200 to £10,200 later this year.
Rod Bulmer, managing director of retail for The Co-operative Financial Services said: "The research confirms that although over 50s understand what an ISA is and its multiple benefits, they are not fully aware of the level of ISA allowance.
"As a trusted financial service provider it is extremely important for us to ensure customers are aware of the current ISA limit so they can gain the benefits from their full tax free allowance."
While ISA are an attractive option for those who have a large enough income to pay into an account, alternative schemes are available for those who do not.
Programmes such as equity release can provide a homeowner with a welcome financial boost by taking cash away from the value of their property.
