Research From Legal & General Shows up to Three Quarters of Over 50’s Would use Their Extra ISA Savings Alowance

TADWORTH, England - In a survey to find out whether investors are likely to take up additional ISA allowances from 6 October this year, Legal & General questioned over 400 ISA and unit trust investors, all aged over 50, about the changes to the amount they could invest in a stocks and shares ISA.

The research shows that unprompted awareness of the increase in the ISA savings limits is highest among frequent investors in this age group - i.e. those who invest every year - at 53 per cent of those questioned.

When asked whether they were planning to invest up to their new GBP10,200 ISA limit, 44 per cent of over 50’s said a definite “YES” with a further 32 per cent unsure, potentially waiting to see what their financial position is before commiting their money.

Claire Evans, Legal & General Unit Trusts Marketing Director said: “Whilst the Government could clearly do more to help to raise awareness of the change to ISA allowances for this age group it is reassuring to see that nearly three quarters of ‘active’ savers (73 per cent) say they are planning to invest. These investors recognise the valuable tax savings they are being offered and the majority are likely to use their allowance before the end of the tax year.”

Claire added: “In times of financial uncertainty it is more important than ever for people to ensure that their savings are working as hard as they can. It could make sense for the over 50’s to take advantage of the increase in ISA allowances if they have any savings in deposit accounts, which do not offer the same generous tax advantages. They could consider using their extra tax-free allowances to put aside a small amount in a stocks and shares or cash ISA each month as this could make the difference between coping or struggling through difficult financial times.”

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The information contained in this press release is intended solely for journalists and should not be relied upon by private investors or any other persons to make financial decisions.

For details regarding Legal & General ISAs, please visit the ISA (www.legalandgeneral.com/investments/isas/) section of our website.

Notes to Editors:

Survey - methodology: Research for the Legal & General ISA Survey was run by Aevolve (www.aevolve.co.uk) - through their consumer panel - in July 2009. Telephone interviews were conducted among 406 adults (age 50+) all of whom had invested in at least one of the following products; Cash ISA, Stocks and Shares ISA, Unit Trust. None of the respondents hold solely a Cash ISA. Of the total sample 51 percent of respondents are working and 34 per cent invest each year.

The Legal & General range of ISAs is provided by Legal & General (Portfolio Management Services) Limited

Registered in England 2457525.

Registered address: One Coleman Street, London, EC2R 5AA.

www.legalandgeneral.com

Source: Legal & General

Further information (journalists only): Mike Connolly, PR Manager - Wealth, +44-(0)1737-375365, mike.j.connolly at landg.com