The increase in ISA allowances for the over-50s was simply a headline-grabbing attempt by the government that will have little effect on the finances of older savers, Moneynet.co.uk said this week.
Since 6 October, over-50s have been allowed to save £5,100 per year in their Cash ISA rather than £3,600.
Moneynet.co.uk calculated that the average benefit of [...]
From today, the total Individual Savings Account (ISA) allowance for people over 50 will increase from £7,200 to £10,200.
The £3,000 increase, which was announced in this year’s Budget, is eligible to those born on or before 5 April 1960. For everyone else, the limit will rise from 6 April 2010.
ISAs, which were launched a [...]
Brits are handing over £144 million to the government in taxes they don’t need to pay by failing to put their savings in a tax-free account.
Research by Unbiased.co.uk found £109 million is being wasted by 6.2 million savers who don’t keep their savings in a tax-free cash ISA account.
Some 1.7 million shareholders are wasting a [...]
Older savers are being kept in the dark as to how much they will be able to invest tax-free when the ISA limit increases for over-50s next month.
Research by Saga found just one in twenty of over-50s know what the new ISA limits will be.
More than half of those polled were oblivious to any changes [...]
People over 50 make an important contribution to the UK economy, RIAS claimed this week.
Janet Connor, managing director of the specialist insurance provider, said the stereotype of older people being a drain on the economy is unfounded.
“The over-50s are not only earning more than the under-50s, but they are spending more as well which enables [...]
Half of Brits over 50 use more than one credit card to manage their finances, research by Saga has discovered.
One in fourteen (7%) of over 50s carry five or more credit cards in their wallet.
However, almost three quarters (73%) of over 50s have never missed a payment deadline, compared to half (53%) of borrowers under [...]