‘Put savings in ISA’s,’ parents told

‘Put savings in ISA’s,’ parents told March 15

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Parents have been encouraged to start saving for their pensions, with ISA’s touted as the best place to hold their hard-earned cash.

A study conducted by Yorkshire Bank ISA’s and Investments has found one in four parents have not prepared adequately for retirement and admit they may be forced to ask their children for help when they reach 65.

However, Gary Lumby, Yorkshire Bank’s head of retail, believes that instead of choosing to rely on their children for financial support, parents should instead be more proactive and start saving for their futures themselves.

What’s more, he believes ISA’s are an excellent way to save, as the money held in the account is exempt from tax.

“Financial advisers would recommend people reaching their 30s should start investing at least ten per cent of their salary into a retirement fund so they can maintain a comfortable standard of living in later life and avoid the need to badger their children for money,” he said.

“By putting this money into a tax-free savings vehicle such as a cash ISA or stocks and shares ISA, you can avoid being taxed twice on your hard earned cash.”

Written Exclusively by AdFero for ISA Guides

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