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10 June 2008 Top money tips for older people in Luton · Your Money Matters offers advice to newly retired Help the Aged and Barclays' money management and debt advice programme, Your Money Matters, which has a local project in Luton, has compiled some top money tips for older people who have just retired. The tips have been produced in response to the findings of the Debt and Older People report, which highlighted that nearly 60 per of older people find themselves worse off after retirement.[1] The report also found that 21 per cent of people surveyed over retirement age said that their income was not enough to give them the standard of living they had hoped to have in retirement. At the same time, 1 in 20 people over 60 years of age admitted to constantly struggling to keep up with commitments or having fallen into arrears.[2] The changes that older people face after retirement can affect the way in which they manage their money. The most notable change is living on a fixed and lower income whilst also having to meet ongoing expenses such as household bills. Top tips include:
Ray Sprigg, Your Money Matters Adviser, said: 'We regularly meet retirees who are facing financial problems, often brought about by different factors, such as divorce or the death of a spouse. They are normally unaware of their entitlement to claim welfare benefits. These factors can dramatically affect an older person's quality of life and can lead to debt, so it is better to seek advice sooner rather than later.' Based at Luton Citizens Advice Bureau, Your Money Matters in Luton offers free and impartial money management and debt advice to local older people through group information sessions and one-to-one appointments. Over £1.6 million of older residents' debt is currently being dealt with by Your Money Matters in Luton Marie-Claire Berreen, Community Relations Manager (Central) at Barclays, said: 'Barclays is proud to be working in partnership with Help the Aged on this valuable project, which is helping older people to manage their finances, especially in times of change. 'We understand that many older people are facing a range of financial difficulties and that dealing with money issues and debt can be very stressful. Through the Your Money Matters programme and the expertise of our volunteers, we hope to help older people overcome these difficulties and to regain control of their finances.' General money management information is offered at group-awareness sessions, open to all older people, at various locations in and around Luton. These sessions can then be followed by confidential one-to-one meetings with a trained debt advisor, either as home visits or through appointments at drop-in centres, providing a comprehensive money management and debt advice service. This does not include financial or investment advice Contact Ray Sprigg on 0158 254 0458 for more information about sessions and appointments. To receive a copy of the money tips, please call 020 7239 7564
For further information contact: Amanda-Esther Idowu Help the Aged PR Account Manager Tel: 020 7239 1496 Email: Amanda-Esther.Idowu@helptheaged.org.uk
Notes to editors
Your Money Matters This programme aims to support over 30,000 older people and their carers to better manage their finances, through awareness raising sessions, one to one basic money management sessions and debt advice. For more information on Your Money Matters, please call Help the Aged on 020 7239 7564 or visit www.helptheaged.org.uk
Help the Aged Help the Aged is the charity fighting to free disadvantaged older people in the UK and overseas from poverty, isolation, neglect and ageism. It campaigns to raise public awareness of the issues affecting older people and to bring about policy change. The Charity delivers a range of services: information and advice, home support and community living, including international development work. These are supported by its paid-for services and fundraising activities - which aim to increase funding in the future to respond to the growing unmet needs of disadvantaged older people. Help the Aged also funds vital research into the health issues and experiences of older people to improve the quality of later life. Help the Aged urgently needs donations and support to help it in the increasingly challenging fight to free disadvantaged older people from poverty, isolation and neglect. Visit www.helptheaged.org.uk or call 0207 239 1982.
Barclays At Barclays, we take our responsibilities seriously. We’re really proud of our leading community investment programme which added up to £52.4 million in 2007. Over 43,000 of our people were involved in fundraising or volunteering in their communities. · We supported over 7,000 charities around the world. · Over the last 5 years Barclays people have raised over £60 million for their favourite charities with our help and matched fundraising. Luton Citizens Advice Bureau Luton Citizens Advice Bureau is a registered charity with a workforce of paid staff and fully trained volunteers. Our advisers give free, confidential, impartial and independent advice on a wide range of subjects regardless of race, age, gender, sexuality, disability or nationality.
-------------------------------------------------------------------------------- [1]Debt and Older People, Professor Elaine Kempson (Bristol University), Help the Aged (2008). The report is available to order from 020 7239 1946 or to download from www.helptheaged.org.uk [2] Ibid [3] This estimate is for Pension Credit, Housing Benefit and Council Tax Benefit alone. Source: 1. Income Related Benefits Estimates of Take-up 2005/06, and Pension Credit Estimate of Take Up, DWP (2007) |
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