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Survey reveals only 10% know the Isa limit

Consumers are still in the dark about Isas, with only one in 10 knowing the annual limit for a maxi Isa, according to research carried out by stockbroker comdirect.

More than half of the sample of 1,000 thought they knew the answer but were wrong.

Even among holders of a maxi Isa, one-third do not know the limit.

Regionally, Scotland fares the worst, with only 5 per cent correctly identifying the £7,000 limit.

One-third of Scots do not know what an Isa is. Consumers in the South and Wales are the most knowledgeable, followed by London.

Men are nearly twice as likely than women to know the limit.

Only 3 per cent of people in the 20-30 age group know the answer while 16 per cent of the 45-54 age group get it right.

In the 2001/02 tax year, 1.8 million maxi Isas were sold, totalling £5.3bn.

Comdirect head of marketing Neil Jamieson says: “The findings are alarming. It suggests that too much emphasis is being placed on sales volumes and not enough on helping consumers understand the product and how it can best be employed.”

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