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 asdirect 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.
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 technologyhas 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”
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.
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.