Finance sector needs better relationship with older people

A report from the charity argues the financial services sector should use more down-to-earth language when describing how people can stay financially resilient in later life.

Age UK said people should be given a positive vision when planning for their needs, and that thinking about future care costs they may need can be a “huge turn off”.

For many older people, care planning brings to mind concerns about catastrophic costs and possible neglect rather than people considering how planning ahead could help them keep their independence for longer, it said.

The report said that to overcome a lack of awareness and misunderstandings: “This means age-proofing and improving financial products and services.”

Age UK’s findings were made following interviews with experts in the finance industry and research with retired older people aged 60 to 89 years old.

It found financial language such as “planning to cope with life events” does not particularly resonate.

The report said: “We recommend testing the alternative language older people used in this research which includes ‘getting your house in order’, ‘managing your affairs’, and ‘preparing for the unexpected’.”

The report also recommends that financial matters should be approached as part of other aspects of retirement such as relationships and health.

It also said people need to have a vision of something which is “financially possible and positive” when planning their future health and care needs.