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What works? A review of the evidence on financial capability interventions and older people in retirement
- Author:
- INTERNATIONAL LONGEVITY CENTRE UK
- Publisher:
- International Longevity Centre UK
- Publication year:
- 2016
- Pagination:
- 42
- Place of publication:
- London
Commissioned by the Money Advice Service on behalf of the UK Financial Capability Strategy, this report reviews the evidence on financial education programmes and interventions designed to improve the ability of older people to manage their finances. The review focuses on what works for older people in the following areas: managing money day to day, covering maximising income and safeguarding from fraud; planning ahead and managing life events, including mortgages in retirement and equity release; and access to money management tools, financial products and services online. The report found that: programmes to help manage money day to day reported high levels of satisfaction, but evaluations were not of high quality; evidence of effectiveness in the area of maximising income was stronger, but interventions were all small community-based projects; and although there was evidence to suggest that interventions to increase access to money management tools and services online increased confidence amongst participants, the evidence was of lower quality. Based on the findings of the review, the report highlights some general principles that financial capability interventions targeting older people should adhere to. It also highlights the need for more high quality evidence which includes robust evaluation to measure the impact of effectiveness or level of behavioural change. (Edited publisher abstract)