Over 50s think there are too many different types of ISAs available and would like the system to be simplified, according to Saga Investment Services.
Of the 10,000 people surveyed, 50% said there should be a single ISA account available for cash or investments instead of ones tailored for housing and pensions.
14% were aware of the availability of cash ISAs, with a further 20% saying they didn’t know how and who could open one.
25% said they were unaware of the eligibility requirements for opening an investment ISA while 51% said they didn’t know how to open an innovative finance ISA.
In regards to holding and transferring between ISA accounts:
- 14% knew that children can only hold 1 junior ISA account at a time
- 50% were unaware of transferring money from cash ISAs into investment ISAs
- 50% were not aware of the requirements to transfer between ISA providers
- 60% knew that investment ISAs and stock and shares ISAs are different labels for the same account.
Nici Audhlam-Gardiner, managing director at Saga Investment Services, said:
“So many changes have been made to the ISA system over recent years that people are struggling to understand the rules. Britain needs savers of all ages and keeping things simple is the best way to encourage understanding and action.”
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