More over-50s open share dealing accounts

Possibly having finally tired of waiting for the base rate to rise as savers, Britons over 50 are turning to share dealing in huge numbers, according to new figures from Saga Share Dealing.

More over-50s open share dealing accounts

The data from Saga shows a “huge yearly increase” (80%) in the number of customers opening nominee share dealing accounts.

Saga says there has also been a general 43% year-on-year rise in the number of new accounts being opened, as well as a 30% increase in trading volumes.

Experts say stocks and shares have become more and more popular in recent years among people of all ages, because low interest rates mean returns from savings accounts have failed to keep up with the rising cost of living.

A recent Saga poll, carried out by Populus, showed many Britain over 50 think both the FTSE 100 Index and Bank of England Base Rate will rise by the end of 2014, indicating a general increase in confidence about the markets.

“Savers holding out for a rise in interest rates in order to improve income may not be the wisest decision, said Andrew Strong, CEO Acromas Financial Services.

“Share Dealing probably seems a more attractive prospect at the moment because even the Bank of England says base rates will not rise quickly, or by much.

“Increasing interest in share dealing suggests a growing confidence, not only in the markets, but also in the ability of investors to make their own investment decisions.”

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