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Policy statements 
Briefings 
Consultation responses 
Reports 
Articles

Good access to suitable financial services is vitally important if older people are to make the most of their money in later life. Unfortunately many older people find themselves excluded from the full range of financial services available to other groups.

Sometimes this is the result of explicit age barriers to certain financial products, such as age limits on taking out a mortgage. Other older people find themselves excluded because they lack either the information or the skills needed to negotiate the financial services environment.

'Financial literacy' and 'financial capability' are now key concerns of both the Government and the financial services industry, but Help the Aged believes that specific attention needs to be paid to older people to ensure that they benefit from these programmes.

In this section you will find information on specific financial services, including insurance, equity release and banking. You will also find information on the broader Policy work Help the Aged is doing to promote financial literacy.

Policy statements

Financial Services (April 2007)

Help the Aged's latest policy statement on financial inclusion and older people.

Age Discrimination in Goods, Facilities and Services (August 2007)

Help the Aged policy statement summarising evidence of age discrimination in goods, facilities and services, the use of age criteria in law and policy and the case for positive action to combat discrimination on the grounds of age.

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Post Office Card Account (April 2006)

Help the Aged briefing on the Post Office Card Account and the Government's announcement that the account will not be continued after 2010.

Consultation responses

Financial Capability and the Thorensen review (April 2007)

Help the Aged's response to the Treasury's consultation on financial capability and the Thorensen review on generic advice.

Financial Inclusion (January 2006)

Help the Aged's response to the Treasury Select Committee on financial inclusion in January 2006.

Financial Inclusion (June 2005)

Help the Aged response to the Treasury's Financial Inclusion Taskforce.

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Reports

The Financial Abuse of Older People (April 2008)

A literature review carried out by the Centre for Policy on Ageing on behalf of Help the Aged into financial abuse - one of the most prevalent forms of elder abuse.

Debt and Older People (March 2008)

Research from the Personal Finance Research Centre at Bristol University commissioned by Help the Aged and Barclays to support the work of a nationwide money management programme, Your Money Matters, run by Help the Aged in partnership with Barclays. The research finds that an increasing number of people are reaching retirement age in debt, with 1 in 4 people approaching state retirement age having outstanding consumer credit commitments. Shockingly, these borrowers owe four times as much as their counterparts did ten years ago.

Debt and Older People - Executive Summary (March 2008)

The executive summary of the above report.

Presentations at the launch of the Debt and Older People Research at Toynbee Hall (March 2008):

• The Barclays 'Your Money Matters Programme', inc how much debt the project has identified (Rachel Corry, Help the Aged)
• The full report on debt and older people (Elaine Kempson, of the Personal Finance Resource Centre at Bristol University)
• The Government's Financial Inclusion Agenda (Colin Purtill, Department of Work and Pensions)

Insurance and Age (March 2007)

A brief summary of key findings of research commissioned by Help the Aged and Age Concern, which aimed to measure the extent and nature of age discrimination experienced by older people when accessing motor insurance, travel insurance and car hire.

Insurance and Age 4 page summary (April 2007)

A shorter summary of the Insurance and Age report.

Insurance and Age (March 2007)

The full report

Financial Exclusion among Older People (September 2007)

This report considers the nature and impact of financial exclusion among older people. The report highlights the challenges presented for older people by the move to direct payment of benefits, the shift towards chip and pin, and the increasing use of telephone and internet banking.

Losing the Post Office Card Account (January 2007)

This report sets out some older people's views on the account and its replacement. The survey found that 85 per cent of respondents felt that the Government shoudl not abolish the Post Office Card Account, but it also explored what older people would want from an alternative product designed for use at the Post Office.

Age Discrimination and Financial Services (June 2003)

A Help the Aged seminar report on age discrimination in financial services.

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Chip and PIN - final joint letter (March 2005)

Sent to The Daily Telegraph, explaining the need for alternatives and better understanding of the needs of vulnerable customers regarding the new chip and PIN credit and debit cards.

Debt impacts on older people's lives (July 2004)

A briefing which demonstrates that, despite the traditional image of older people as more conservative borrowers, debt is indeed touching older people's lives.

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