M&S Money Reveals Half of Over 45s Not Saving for Retirement
M&S Money has revealed the results of new research that shows almost of over 45s are not saving for their retirement.

CHESTER, ENGLAND, April 06, 2011 /24-7PressRelease/ -- M&S Money has revealed that almost half (47%) over-45s are not saving for their retirement, and furthermore, those who are saving are not taking advantage of the tax breaks offered by using ISAs.

As the end of the tax year approaches, M&S Money surveyed more than 1,000 people over the age of 45 to find out how they are planning to save for their retirement.

The findings show that of those who are planning for retirement, the majority are not taking advantage of tax-free ISAs to help boost their retirement savings. Two thirds (66%) of over 45s are not saving into Cash ISAs while more than eight in ten (84%) are not saving into a Stocks & Shares ISA savings account.

For those who do save into ISAs, over half (52%) admit they have not saved the full tax allowance this year, while just 30% of people plan to save the full tax allowance of GBP10,200 by the April 5th deadline.

The total average amount held in Cash ISAs for those who have saved is GBP18,334 - almost GBP21,000 less than the total possible allowance of GBP39,300 since they were launched in 1999. The average amount this age group has saved in their Stocks and Shares ISAs is slightly higher at GBP19,077; however this is GBP68,500 less than the maximum GBP87,600 they could have saved to date.

Based on average Cash ISA rates over the past eleven years and using the full Cash ISA allowance each year, savers could have earned an additional GBP7,931 in interest.

Colin Kersley, Chief Executive of M&S Money commented: "The news agenda has been dominated with proposed changes to pensions over the past few months, and people approaching retirement need to ensure that they have sufficient savings to provide an adequate income for themselves.

"It is of utmost importance that people of all ages are saving and planning for retirement, but even more so for those who are approaching this stage in life. Taking advantage of the tax breaks of ISAs is one way that savers can help to boost their retirement savings."

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