Shed was commissioned by the Money Advice Service to look again at its research into older people and their financial capabilities.
For this ‘deep dive’, we re-analysed data, pooled external research and conducted our own interviews. We found:
1. Older people are very confident in how they manage their money. But their financial skills and knowledge decline significantly with age. They need support, especially those over 75, to make sure they don’t make poor decisions.
2. Many older people aren’t online. This means they’re less likely to shop around and may be missing out on some of the best deals in the market.
3. Older people aren’t planning for long-term care. But planning is important for better financial outcomes. They’re also less likely to talk about money – mainly because many live alone and don’t have the opportunity to do so.
4. And perhaps most importantly, older people are not one homogeneous group. Rather, specific sub-groups with specific challenges. For example, women over 75 have the most financial capability issues. They have the lowest skills and knowledge. They also have very low incomes. But are the least likely to shop around to make their limited resources go further.
Our full report is published here.
Client: Money Advice Service