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Yesterday, Age UK launched a new report, Financial resilience in later life, which calls for regular financial check-ups for the retired and people approaching pension age. Age UK believes that these check-ups are critical to help the growing number of people aged 60 and over navigate later life.
This guest blog was contributed by Keith Richards, Chief Executive of the Personal Finance Society
I have been involved in a series of consumer focused strategy meetings which formed part of a Financial Services Commission which was set up to examine how to improve financial resilience in later life – jointly chaired by Tom Wright, CEO of Age UK and Dr Alexander Scott CEO of the Chartered Insurance Institute.
Industry, consumer and regulatory leaders embraced the opportunity to debate and consider solutions to key later life financial challenges which included the dynamics of planning for later life, encouraging savings, changing public perception of industry trust, the development of good value and flexible financial products and increasing access to information and advice.
This question was the starting point of Age UK’s first Financial Services Commission summit event on 6th December. It arose from forthcoming Age UK research which suggests that although those coming up to retirement are often seen as a wealthy and resilient generation, all but the most affluent face considerable challenges, and there is a widely prevalent feeling of uncertainty which deters saving.
The Commission – jointly chaired by Tom Wright, CEO of Age UK and Dr Alexander Scott CEO of the Chartered Insurance Institute – was set up to examine how to improve financial resilience in later life.
At the event (hosted by BlackRock, the investment management firm) Tom challenged senior figures from the financial services industry, consumer and regulatory organisations to give their recipe for improving financial resilience among the group approaching retirement. The debate ranged between those who feel we need to build trust in the financial services industry and those who pointed to supply-side failures. So far, so unsurprising. But there was a new mood of optimism and – dare I say it – realism. Continue reading