Age; Age Concern and Help the Aged
Who are Age Concern and Help the Aged?
On 1 April 2009, Age Concern
We work with partners to ensure that together we can improve the lives of older people. National Age Concerns in
We continue to work closely with the 350 local Age Concerns across
Why are accounts important for this group?
Although the numbers of older people without access to a bank account have fallen, they have not fallen as fast as for younger age groups, and as a result people without a bank account are now concentrated in older age groups. In 2006-07, 7% of households with no bank account were aged 85+. Having a bank account is important for older people because the Government is encouraging direct payment of state benefits such as the retirement pension into bank accounts and because many services such as utilities are available at a discount if paid by direct debit.
What barriers could this group face?
People accustomed to working in cash may be reluctant users of bank accounts. Some older people do not have the standard documentation (such as driving licences and passports) that make it easier to open an account. Those who are socially isolated or living with disabilities may need support in opening a bank account.
Even those pensioners who have bank accounts may find that they are increasingly difficult to use, because of the introduction of chip and pin, the growing dependence on telephone and internet banking, and the closure of local branches. Although some current accounts can be accessed through Post Offices many pensioners are not aware of this. Many pensioners have chosen to open a Post Office Card Account to receive their state benefits, but this has very limited functionality.
What work has been done?
When direct payments of state benefits into bank accounts were introduced in 2003, the DWP funded Age Concern Wirral, and then a further 40 Age Concern organisations, to run projects which ranged from simple information about the impending change, through to individual advocacy and advice. The projects ran until 2006. Age Concern information and advice workers across the country continue to help people with managing their money and opening accounts. Age Concerns in the
Help the Aged’s Money Matters project ran from 2006 to 2009, in partnership with Barclays. It helped to improve older people’s skills and confidence through awareness-raising sessions, and provided practical assistance to help older people overcome money management and debt problems.
Help the Aged has also published a toolkit, Lost in the Money Maze, with the aim of demonstrating how advice agencies and credit unions can help older people cope with modern financial systems.
Additional links
Making the money last, Age Concern, 2007
Beyond financial inclusion, Age Concern, 2008
http://www.ageconcern.org.uk/AgeConcern/income_policy_reports.asp
Financial exclusion among older people, Help the Aged, 2006
Lost in the Money Maze, Help the Aged, 2008
Your Money Matters evaluation, Help the Aged, 2009
http://policy.helptheaged.org.uk/_policy/Poverty/FinancialServices/_default.htm
