Research by Standard Life has revealed a large number of over-55s are more inclined to invest their annual ISA allowance in a Stocks and Shares ISA, compared with younger savers.
Around 11% of people aged over 55 favoured investing in the stock market via their ISA, compared to 7% of 35-44 year olds, whilst 6% of all UK adults stated that they were planning to invest more of their money in a Stocks and Shares ISA over the new tax year.
The findings also showed that 12% of men currently hold investments in a Stocks & Shares ISA, in contrast to just 6% of women. However, an equal number (41%) of men and women were happy to place their money in a variable cash ISA.
Commenting on the findings, Julie Russell, of Standard Life, claimed many people could be unwilling to invest their allowance in a Stocks & Shares ISA due to a lack of confidence of the stock market and the risks involved.
"Those who are more willing to take more risk with some of their money should possibly consider using as much of the annual £11,520 stocks and shares ISA allowance as they can this new tax year," she said.
"Diversifying the investment portfolio remains key to managing ISA risk, which is why risk managed funds are proving so popular."
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