Financial Awareness Forum

please see our December 2010 statement

Forum for Financial Awareness and Older People

Who We Are

The Financial Awareness for Older People’s Forum was developed under the guidance of Better Government for Older People in Scotland (organisation now closed). It draws together a wide range of people from the statutory, voluntary, academic and private sectors together with individual older people.

The aim of the Forum is to highlight issues and to bring about change to improve the financial inclusion of older people. Its objectives are to:

Exchange ideas and practices to improve the financial awareness of older people.
Provide opportunities to consider issues across sectors and to find solutions
Work collaboratively
Influence policy and practice
Develop a ‘life stage’ approach to information, advice, guidance and education

The Forum believes that promoting financial awareness for older people is a key priority. It is a network for sharing information and best practice. This information can then be disseminated by members to their wider networks.

Some of the Issues

Financial exclusion is both a cause and a consequence of poverty. Older people on low incomes (and possibly in poverty) are more likely to be financially excluded.

Money

Older people tend to fall outside the traditional sources of advice and information on financial matters
Many of the sources of information and advice about money do not reach older people
Financial education does not currently target older people
Key workers who support older people tend to shy away from financial matters due to lack of confidence in their own understanding about financial matters
There is a division of responsibility across Whitehall departments, the Scottish Government and local authorities

Background

Between 2004 and 2031 the number of people aged 60 or over is projected to rise by 51% from 1.10 million to 1.66 million.

Those who focus on the pressure of providing pensions and health services may view this as a problem. However, we often underestimate and fail to recognise the significant contribution made by older people to the social economy and civic society

Possible Solutions Piggy Bank

Many areas in Scotland have taken steps to improve the financial awareness of older people. Steps we have identified for further improvement include:

Involving older people in improving policy and practice around financial inclusion
Ensuring that all Local Authority Financial Inclusion Plans fully meet the needs of older people
Improved information sharing and the dissemination of effective practice
Enabling all older people, particularly those on low incomes, to plan ahead so that they are not faced with unexpected, difficult financial decisions
Broadening the scope of financial awareness for older people in the workplace
Creating stronger links between older people’s groups and community learning, creating opportunities
Improving engagement with the financial services sector to ensure they meet the financial needs of older people

Members

Membership is drawn from a wide range of organisations and individuals with an interest in financial issues of older people in Scotland and includes: