Age UK warns South Gloucestershire elderly to look after their money

Gazette Series: Older people in South Gloucestershire are being urged to make financial preparations for their retirement Older people in South Gloucestershire are being urged to make financial preparations for their retirement

OLDER people in South Gloucestershire are being urged to take control of their finances in a warning by a leading charity.

According to a new survey carried out by Age UK South Gloucestershire, nearly half of people aged 65 or above do not feel financially prepared for retirement and the charity is urging the older population to become better with money.

Patrick Morrissey, trading manager at Thornbury-based Age UK South Gloucestershire, said: “While many of us may have broken our New Year resolutions it is still important for older people to ensure they get more from the pound in their pocket. It’s never too late for people to take stock and put their finances first.

“Many people in later life are on a fixed income which means that maximising their income is essential. Our straw poll found that 47 per cent of people in the South West aged 65 and over feel financially unprepared for their retirement. Many say this is because they have not saved enough towards this stage of their life (22 per cent) or that rising living costs are eroding their disposable income (48 per cent).”

He added: “In 2014 we encourage older people to review their financial products and purchases.

“Once in retirement people need to be savvier with their income, to shop around to find not only value for money but also a product that’s right to fit their needs.

“For a better and brighter time in retirement in 2014 and beyond we want the consumer to be empowered to make better decisions and for the industry to ensure products and services meet the needs of those in later life.”

For more information and advice contact Age UK South Gloucestershire on 01454 411707 or visit 67 High Street, Thornbury.

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