Guest blog: What are the challenges and opportunities for ageing and cognitive decline for financial services?

Steven Cooper, Chief Executive, Personal Banking, Barclays UK, speaking at the Global Agenda Council on Ageing Symposium 2016
Steven Cooper, Chief Executive, Personal Banking, Barclays UK, speaking at the Global Agenda Council on Ageing Symposium 2016

This guest blog was contributed by Steven Cooper, Chief Executive, Personal Banking, Barclays UK. 

With over 10 million people in the UK over 65 and 850,000 people living with dementia, this is a crucial question, and one posed by the World Economic Forum Global Agenda Council on Ageing at their conference and symposium on 3 and 4 February.

Barclays was very pleased to sponsor this conference and play an active part in the discussions. Older people provide huge benefits to our society and economy, caring for children and volunteering their time. As one of the largest banks in the UK we have a diverse customer base and older customers make up a significant proportion- around a quarter of our current accounts are held by someone over 60. Continue reading “Guest blog: What are the challenges and opportunities for ageing and cognitive decline for financial services?”

Making it easier to manage direct payments

This blog was contributed by Barbara Limon, Policy Programme Manager – Consumer and Community. 

Increasingly older people who are in receipt of funded social care are choosing to take this funding as direct payments, meaning they control the funds themselves.  Whilst there are advantages of being in control in this way we’ve found that the process of managing the cash could be made easier for older people.

direct paymentsIn our report ‘Direct payments for social care – options for managing the cash we look at what some the issues are and have identified potential solutions.  The report covers both the ‘traditional’ method of managing direct payments, via bank accounts, and at newer methods using prepaid cards.

Most of the problems we found are not new – they are simply the day to day difficulties which many older people experience in managing their money and paying for things.  Solving the problems highlighted in the report would also solve many of the on-going difficulties older people have in relation to financial services. For example, Chip and PIN card technology has generally been considered a success, but the need to remember and type in a PIN can act as a barrier to independent use of payments. Continue reading “Making it easier to manage direct payments”

Debt and older people

Traditionally debt has been seen as mainly a concern for younger people with older people more likely to believe you should ‘cut your coat according to your cloth’ and save up for items rather than use credit. However there have been media reports suggesting this may be changing with headlines such as ‘Debt crisis for the over 60s’, and some information and advice services are reporting more older people seeking help with debts.

440x210_tracing_lost_moneyAt Age UK we wanted to find out more about the extent and level of debt in later life and whether this has changed over time. So we commissioned the independent think tank International Longevity Centre – UK (ILC-UK) to carry out a detailed analysis looking at debt among people in later life. Continue reading “Debt and older people”

Financial services – access all areas?

The Government has taken an important step forward in ensuring that financial services work for older people. It proposed an amendment to the Financial Services Act which, for the first time, gives the regulator a mandate not just to protect consumers, but also to ask whether consumers can access the products and services they need.

Age UK has been calling for the Financial Conduct Authority (FCA) to be given this ‘access mandate’.  We’ve been convinced of the need for the regulator to look at access because of what we hear from older people – we see many problems caused not just by dangerous products that consumers should be protected from but also because of the lack of products and services that are really accessible to older people.

200x160_moneyBarriers vary:  it could be direct age discrimination – being told you’re ‘too old’ for a mortgage, or credit card, or insurance.  Or it could be indirect, having to jump through so many hoops to find and obtain the right kind of insurance that you give up.   Often the design of services mean they just don’t work for large groups of older people – for example relying on text messages for updates and removing paper statements will make it harder for many older people to manage their money well, the reduction of the branch network and poorly designed telephone and online banking systems will make it almost impossible for others to manage independently at all.
Continue reading “Financial services – access all areas?”