No, it's not fair that only over 50s can add to their ISA early.
This government harps on about saving for the future and is supposed to show an interest in individuals providing for themselves, especially regarding pensions.
This government message sends out conflicting signals.
With many financial institutions the infrastructure will soon be in place to activate the 'new' ISA limits, so why not open it to all UK residents?
I think it is a disgrace discriminating between the over 50's and under 50'sfo there ISA allowance
Its more of a puzzle than a fiddle.
With interest rates SO low its not actually costing Grasping Gordon anything to increase the cash ISA amount.
The puzzle is WHY does he have to delay the increase until the Autumn for over 50s and until next year for the under 50s? He's not saving himself any significant money; is it just that he is so used to making everything over-complicated and fussy that he simply can't bring himself to do ANYTHING simple?
I am over 50 and I think it is unfair- but then when it comes to money so much is unfair- I have too much in savings to get job seekers allowance - but someone who hasn't saved for the future can pick up the money- and no I am not rich - I went without to live and save within my means- but it counts for nothing.
I think its fair. I have been careful with my money over the years, never been in debt and now find my income from my savings has almost dried up. I am being penalised because of other people's greed.
I have been careful with my money over the years. I was just as careful when I was in my twenties as I am in my 50s and I have friends who are just as reckless now as they were then- let's think about this- what are the chances that those who have been greedy and carefree with their money have the £3600 to put into an ISA let alone the extra £1500.
I Think it is fair too. Like you I have been careful with my money and I am sick to death of proping up others who feel it is their right to be looked after by the 'State'. Don't they realise it is people like me and you who go out to work for a living and save for their old age that are keeping them, some are better of than I have ever been in my entire life. My mother is in her 80's worked for Maxwell and gets nothing but saved all her working life. No one bailed her out or does now so why not get some benefit if you are a saver over the age of 50.
I thought there were supposed to be steps being made to remove age descrimination!
I'm under 50, but personally, we my ISA allowance and my Wife's it's difficult to find £7,200 a year to invest in Cash ISA's. To be able to have sufficient income to consider investing the additional £7,200 that we would currently be allowed.
Therefore, good luck to those that can afford it, if these people are likely to be those taxed at 50% they should be allowed to, but some of it out of the reach of the Tax man
The extra £1500 I can put into an ISA from 6th October will earn me £22.50 in this tax year - I will be grateful for that sum- but it's hardly worth the chancellors discrimination.
Yes we are now over 50 and need to secure our savings to supplement our state pension. The only thing wrong is that you can put all the allowance into a stocks & share isa but you cannot put all the allowance into a cash isa.
Why cant it be straight across the board? Im in my 30s and think it is really unfair that their is this age discrimination about ISA funding levels. Surely the ailing banks would benefit from the extra funds and since they are state owned anyway it would help everyone!
I want to save for my family's future but tricks like this discourage saving on a national scale.
Its not fair. What about the responsilble people under 50? From some of the comments here you would think anyone under 50 is living off the state. I'm 39, working 2 jobs with no children and with EVERY budget I lose something! Unlike some I'm not in the position to receive tax credits, heating allowances, free travel, subsidised TV licence etc, etc. Need I go on?
I work for a high street bank and not one of my customers over 50 has approved of the discrimination.
Personally we both work and have one little boy who we pay to put into nursery so we can work to cover the bills.
We save what we can each month and rely on no-one. We wouldn't be in a position to take advantage of this extra allowance, but it would be nice to know the offer was there!
I understand your perspective but why does that make this change fair?! There will be under 50s, like myself, who have not been greedy or stretched themselves to ridiculous lengths. I don't want to be penalised for others' greed either and I would also like to be able to earn something from the savings I have accumulated. Why should I wait til 2010 just because of my age?
People who ARE stretched are less likely to have savings to put away in an ISA anyway so the majority of those people would be excluded from this change anyway. So, why wait til 2010.
I do not think this is fair.
As you will see from my posts I agree it's not fair- but keep up the good work- the words coming from your mouth are the words that come/came from mine- but I am now very happy I kept to my plans of being sensible with money and saving for the future- trust me it pays off- you can put the extra in from next april and as I said at 3% you are only losing £22.50.
As you re a fellow money savvy saver- I will tell you to use the site QUIDCO- you will get that £22.50 back in no time.
Fair? Of course it's fair!
As a working, white, hetrosexual, PAYE, male I can confirm there is no such thing as discrimination.
We get to work and pay tax.., and it's distributed evenly around the world (just as soon as the government have kept the lions share for their expenses)
Why shouldn't the elderly be subsidised too?
Perhaps Mr. Brown could organise an eight day week, so that I can afford to save.
Who thought this one up? Did they really sit down and do the calculations, this
government seems to just look for things to change, to seem to be doing something!
Gordon Brown is supposed to be an Accountant isent he (he was the Chancellor
for long enough) can he seriously claim he did his sums???? No just a way he hopes
to keep the over 50s vote perhaps.
As well as the blatant age-discrimination, this introduces an additional level of unnecessary complication to the ISA rules. We have a Government who thinks it's appropriate to dump more and yet more administration on businesses with minimal benefit for the customers. We're meant to be impressed with their generosity - you'd think even "New Labour" would have worked out by now - we're not that gullible.
It is quite obvious that some of the whingers are just as short sighted and greedy as their political masters. Do't worry you under 50s , there aren't many over 50s to benefit from this peice-meal ISA allownace increase authorised by a deranged leader of the pack. Just as it is in the case of the Scrappage scheme , this sceme will also be a resounding failure.
I see nothing wrong with the over fifties being given the allowance first. The vast majority of the over fifties are retired people who relied on high saving rates to enable them to live comfortably without worrying where every penny is going. We were the worst hit group when the rates went down therefore it's right and proper we benefit from this allowance first.
If there is really enough "loose'" money in the country to allow an increase in maximum I.S.A. investment, then it should be available to everyone who wishes to take advantage of it, The returns available on these investments is so low at the moment, that the capital invested will go a long way to stabilize the financial shortfall the country is experiencing.
With present day interest rates it hardly makes one iota of difference.
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