Co-operative: Over 50s in Isa ignorance

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Co-operative: Over 50s in Isa ignorance

According to the Co-operative Bank, 76 per cent of over 50s do not know how much they can save annually in a cash Isa.

The institution believes the statistics show that information that they can now save up to £5,100 in a cash Isa has not filtered through, as 32 per cent wrongly believed that they could still only access the old limit of £3,600 a year.

Recent economic circumstances have also affected which Isa product the over 50s are choosing, as 52 per cent admitted that they opted for the low-risk of a cash Isa over a shares product.

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."

Mortgage holders with the group may have found recently that they have more money to save each month after the Co-operative announced it was to cut rates by up to 0.55 per cent.

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