... 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:
2006
Pagination:
110p.
Place of publication:
Leeds
This summary presents findings from qualitative research carried out with employers towards the concept of automatically enrolling people into personal pension accounts and employers' likely responses if the new scheme were introduced. The research adopted a wholly qualitative approach. Face-to-face depth interviews were conducted with: 75 private sector employers who employ individuals within a business context; eight individuals who employ others to provide a service in a non-business context.
This summary presents findings from qualitative research carried out with employers towards the concept of automatically enrolling people into personal pension accounts and employers' likely responses if the new scheme were introduced. The research adopted a wholly qualitative approach. Face-to-face depth interviews were conducted with: 75 private sector employers who employ individuals within a business context; eight individuals who employ others to provide a service in a non-business context.
Corporate Document Services; Great Britain. Department for Work and Pensions
Publication year:
2005
Pagination:
66p., bibliog.
Place of publication:
Leeds
... barrier to the take-up of personal pensions among people on lower incomes is inertia, underpinned by a loss of confidence in the pensions industry. In the opinion of the financial intermediaries’ interviewed, concerns about affordability and a lack of understanding about pensions and how they work are also significant barriers to taking out a personal pension.
The research highlights that the clients of financial intermediaries include very few people on lower incomes. This is not because they are systematically excluded by financial intermediaries, but because people on lower incomes do not tend to approach them for advice. Changes in the marketplace for advice on saving for retirement have raised the quality of advice offered, although the availability of advice for people on lower incomes has declined. The research shows that IFAs do not market their services to people on lower incomes because the commission they can earn in this sector of the market is too low to make it worthwhile. The research found that, partly because their customer base tends to be people with middle-to-high incomes, financial intermediaries rarely (if ever) discuss Pension Credit (or the additional State Pension) with their clients. The research provides very little evidence to suggest that Pension Credit makes financial intermediaries reluctant to advise people on lower incomes. Nor did financial intermediaries think Pension Credit plays an important part in clients’ decisions regarding saving for retirement. Financial intermediaries felt that by far the biggest barrier to the take-up of personal pensions among people on lower incomes is inertia, underpinned by a loss of confidence in the pensions industry. In the opinion of the financial intermediaries’ interviewed, concerns about affordability and a lack of understanding about pensions and how they work are also significant barriers to taking out a personal pension.
Subject terms:
low income, pensions, personal finance, advice services;
There may be a time when the person cared for can no longer manage their own money. This could be because they are not able to go out of the house, or because they are no longer mentally capable of looking after money. There are various ways in which you as a carer can help out by controlling their money, including power of attorney, collecting pensions, and court of protection.
There may be a time when the person cared for can no longer manage their own money. This could be because they are not able to go out of the house, or because they are no longer mentally capable of looking after money. There are various ways in which you as a carer can help out by controlling their money, including power of attorney, collecting pensions, and court of protection.
Corporate Document Services; Great Britain. Department for Work and Pensions
Publication year:
2006
Pagination:
48p., bibliog.
Place of publication:
Leeds
The review suggests that a significant part of the savings generated by personal accounts will be ‘new’ savings; these are contributions made by those currently not saving at all or who will increase their savings as a result of introducing personal accounts. Based on the balance of research evidence considered, a plausible assumption about the impact of personal accounts on household savings would be that 50-70% of personal account contributions will be new (i.e. 30-50% would be offset by lower household savings elsewhere). The research considered also finds that levels of new savings are likely to be concentrated among the target group for personal accounts, as offsets tend to vary by income with those on lower income showing lower offsets and thus higher levels of new savings
The review suggests that a significant part of the savings generated by personal accounts will be ‘new’ savings; these are contributions made by those currently not saving at all or who will increase their savings as a result of introducing personal accounts. Based on the balance of research evidence considered, a plausible assumption about the impact of personal accounts on household savings would be that 50-70% of personal account contributions will be new (i.e. 30-50% would be offset by lower household savings elsewhere). The research considered also finds that levels of new savings are likely to be concentrated among the target group for personal accounts, as offsets tend to vary by income with those on lower income showing lower offsets and thus higher levels of new savings
Subject terms:
literature reviews, pensions, personal finance, savings, families;
NATIONAL PENSIONERS CONVENTION. Women's Working Party
Publisher:
National Pensioners Convention
Publication year:
2005
Pagination:
16p.
Place of publication:
London
Edition:
2nd
The great majority of pensioner poverty is suffered by women. In view of women's life and employment experience only SERPS or something like it offers compensation for their role in society. Private, occupational company pensions - which, outside the public sector, are of little interest or use to women - rather than pay-as-you-go put at the top of the campaigning list by others.
The great majority of pensioner poverty is suffered by women. In view of women's life and employment experience only SERPS or something like it offers compensation for their role in society. Private, occupational company pensions - which, outside the public sector, are of little interest or use to women - rather than pay-as-you-go put at the top of the campaigning list by others.
Subject terms:
pensions, personal finance, retirement, women, employment;
This report brings together all of the findings of the Age UK Financial Services Commission, which examined how the financial resilience of older people can be improved, and sets them in the context of the government’s proposed pension reforms. Financial resilience is defined as a mixture of not just financial but also health, social and personal resources that enable older people to thrive over the entire course of their later life and the ability to adapt plans or change arrangements, in response to both changing personal circumstances and wider economic conditions. The first half of this report summarises the emerging themes of the Commission, including decision making and staying in control in older age, and the second half sets out Age UK’s recommendations in relation to the access to good quality information, advice and guidance throughout later life, the offer of financial products and building trust.
(Edited publisher abstract)
This report brings together all of the findings of the Age UK Financial Services Commission, which examined how the financial resilience of older people can be improved, and sets them in the context of the government’s proposed pension reforms. Financial resilience is defined as a mixture of not just financial but also health, social and personal resources that enable older people to thrive over the entire course of their later life and the ability to adapt plans or change arrangements, in response to both changing personal circumstances and wider economic conditions. The first half of this report summarises the emerging themes of the Commission, including decision making and staying in control in older age, and the second half sets out Age UK’s recommendations in relation to the access to good quality information, advice and guidance throughout later life, the offer of financial products and building trust.
(Edited publisher abstract)
Subject terms:
older people, financial management, personal finance, advice services, resilience, pensions;
Hong Kong Journal of Social Work, 44(2), Winter 2010, pp.89-104.
Publisher:
World Scientific Publishing Company
Place of publication:
Singapore
Southeast Asian countries are experiencing a rapid aging of the population. This study investigated the formal and informal financial security protections of the elderly and how that compares with financial security preparedness of the younger generations in Malaysia, Singapore and the Philippines. The role of family support as important source of old-age protection in Asian countries was also investigated. Data were collected by means of interviews of working people aged 18 to 59 years and elderly people aged over 60 years in all 3 countries. The participants were: 250 working and 250 elderly people in Kuala Lumpur, Malaysia; 250 working and 250 elderly people in Manila, Philippines; and 206 working and 161 elderly people throughout Singapore. Venn diagrams were constructed to analyse the overlapping of availability of the various financial security protections for the 2 generations and their relative sizes among the 3 regions. The findings showed similar financial protection in all 3 countries. There was general agreement on the inadequacy of the formal old-age benefits, and many participants reverted to informal protections such as insurance, savings and family support. With the exception of Manila, reliance on the family support as perceived by the younger generations has lost its importance.
Southeast Asian countries are experiencing a rapid aging of the population. This study investigated the formal and informal financial security protections of the elderly and how that compares with financial security preparedness of the younger generations in Malaysia, Singapore and the Philippines. The role of family support as important source of old-age protection in Asian countries was also investigated. Data were collected by means of interviews of working people aged 18 to 59 years and elderly people aged over 60 years in all 3 countries. The participants were: 250 working and 250 elderly people in Kuala Lumpur, Malaysia; 250 working and 250 elderly people in Manila, Philippines; and 206 working and 161 elderly people throughout Singapore. Venn diagrams were constructed to analyse the overlapping of availability of the various financial security protections for the 2 generations and their relative sizes among the 3 regions. The findings showed similar financial protection in all 3 countries. There was general agreement on the inadequacy of the formal old-age benefits, and many participants reverted to informal protections such as insurance, savings and family support. With the exception of Manila, reliance on the family support as perceived by the younger generations has lost its importance.
Subject terms:
insurance, older people, pensions, personal finance, retirement, savings, families;
This article provides a brief overview of five small financial inclusion research projects which focus on how factors and policies inhibit or encourage personal autonomy and social mobility, specifically in the area of ethnicity. The projects are in the areas of: bank machines and ethnicity; assets and ethnicity; savings; financial advice; and pensions.
This article provides a brief overview of five small financial inclusion research projects which focus on how factors and policies inhibit or encourage personal autonomy and social mobility, specifically in the area of ethnicity. The projects are in the areas of: bank machines and ethnicity; assets and ethnicity; savings; financial advice; and pensions.
Subject terms:
pensions, personal finance, savings, social inclusion, black and minority ethnic people, ethnicity;