Age UK has recently published a report of the Financial Services Commission regarding the financial resilience of people as they grow elderly. The report showed that people aged over 85 are in the fastest growing segment of the UK population and people aged over 65 provide a vital contribution to the economy, spending more than £121 billion a year.
However, although there has been a great decline in pensioner poverty, economic advances have also meant greater economic independence and economic uncertainty. For example, the current sustained period of low interest rates could not have been predicted and this is greatly affecting the planned finances of the aging population.
The report emphasises that every sector of society now needs to have role in preparing for the creation of a decent standard of living in later life. This includes the Government and the financial services industry, who have an important role to play in engaging with individuals and delivering solutions to the problems faced by older people. In particular, financial providers must now look to provide services which help people:
- Build-up and maintain financial resilience;
- Prepare financially for later life financially; and,
- Stay financially included as they grow older.
As part of the Commission, Age UK ran a series of events to bring together leaders from the financial services sector, the government, consumer groups and regulators to engage in conversation about the key issues facing older people and money and to develop potential solutions.
Tom Wright, Group Chief Executive of Age UK said:
“Our rapidly ageing population places financial resilience among today’s most pressing issues. By 2025, every fifth person in the UK will be aged 65 and over. This increased longevity should be celebrated but every part of society needs to adjust. It’s also a huge opportunity for those in the financial services industry to provide products and services that really work for older people and enable them to become and reamin resilient.”
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