Only 47% of Brits with more than £50,000 of investable assets are using the full annual ISA allowance, new research reveals.

An even smaller proportion of respondents surveyed by wealth management and investment group Sanlam maximised their pension contributions.

Only 20% had made full use of their annual £40,000 tax-free pension allowance.

Those with higher assets were more likely to make full use of their saving allowances.

Only a third of Brits surveyed with investable assets of between £50k-£100k maximised their ISA contributions, compared to 71% of those with over £1m.

Only 13% of respondents with between £50k-£100k of investable assets said they maxed out their pension contributions against 43% of those with more than £1m.

Those who maximised their ISA contributions were more likely to be receiving financial advice. Over half (59%) who said they used the full allowance said they regularly consulted a financial adviser.

The survey was conducted for Sanlam by Ad Lucum for Technical Connection in February.