... matters. As close relatives and friends are the main source of support, they are most likely to help older people with financial management. At the same time, older people’s financial resources are increasingly complex. Growing proportions of post-retirement incomes are derived from occupational pensions and private investments, or claimed through benefits and tax credits. Most people now entering older pensions, and social care charges.
Growing numbers of older people need help managing their finances. Longer life expectancy is leading to increases in physical and cognitive impairments that can affect individuals’ capacity to manage their own affairs. Difficulties range from mobility problems that make it hard to get to a bank or post office, to severe dementia requiring another person to take responsibility for all financial matters. As close relatives and friends are the main source of support, they are most likely to help older people with financial management. At the same time, older people’s financial resources are increasingly complex. Growing proportions of post-retirement incomes are derived from occupational pensions and private investments, or claimed through benefits and tax credits. Most people now entering older age also have substantial housing wealth. Difficult decisions may be required concerning investments and savings in later life: converting capital to income; property maintenance and insurance; and equity release through reverse mortgage or downsizing accommodation. These decisions take place in the context of diverse legal and institutional arrangements governing taxation, social security, pensions, and social care charges.
Subject terms:
older people, pensions, personal finance, financial abuse;
Corporate Document Services; Great Britain. Department for Work and Pensions
Publication year:
2005
Pagination:
201p., bibliog.
Place of publication:
Leeds
There is increasing government recognition of the contribution and needs of people who provide unpaid, informal care for chronically sick, disabled, or elderly people. The importance of helping carers who wish to remain in employment was recognised in the first-ever National Strategy for Carers, published in 1999. This study conducted a national literature review to identify existing evidence on carers’ employment and retirement issues. This was followed by qualitative research in four research sites selected to reflect different labour market conditions. In-depth interviews were then conducted with 80 carers with substantial caring responsibilities to explore their hopes and decision-making in respect of working and retirement. Subsequently, a series of separate focus groups were held with front-line professionals from Jobcentre Plus, social services departments and carers organisations who worked with carers to provide advice or support.
There is increasing government recognition of the contribution and needs of people who provide unpaid, informal care for chronically sick, disabled, or elderly people. The importance of helping carers who wish to remain in employment was recognised in the first-ever National Strategy for Carers, published in 1999. This study conducted a national literature review to identify existing evidence on carers’ employment and retirement issues. This was followed by qualitative research in four research sites selected to reflect different labour market conditions. In-depth interviews were then conducted with 80 carers with substantial caring responsibilities to explore their hopes and decision-making in respect of working and retirement. Subsequently, a series of separate focus groups were held with front-line professionals from Jobcentre Plus, social services departments and carers organisations who worked with carers to provide advice or support.
Subject terms:
informal care, literature reviews, pensions, retirement, carers, decision making, employment;