Over 50s 'to increase stock investments'

The forthcoming ISA limit increase is to prove a catalyst for over 50s to increase their stock investments, according to new research.

Over 50s are planning to increase their investment in stocks and shares ahead of the individual savings account (ISA) limit increase, according to new research.

Statistics published by Legal & General have revealed that 2.8 billion is to be invested by over 50s with stocks and shares ISAs by April 5th 2010, as they look to top up under the new ISA rules.

This means that around one million older investors will be taking advantage of the incoming law change, which comes into effect at the beginning of October.

Claire Evans, unit trusts marketing director at Legal & General, suggested that this figure could grow even larger still, as many other over 50s may yet decide to invest themselves depending on economic conditions.

She said: "We believe many are holding back, possibly waiting to see whether investment markets show further signs of recovery."

Earlier this week, price comparison site called for over 50s to invest up to the new limit on their cash ISAs in order to avoid paying unnecessary tax.

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