Older people doing more to manage their finances
New evidence released from Citizens Advice this week has revealed that one in four people who are seeking guidance on pensions are also asking for help on other issues such as help managing money, benefits and debt.
Figures from the national charity show over a quarter (27.3%) of people who have had a face to face Pension Wise appointment in England and Wales also booked a Citizens Advice appointment for help on other issues.
Of those people who have booked a separate Citizens Advice appointment, the most common reason for seeking further help include:
Benefits and tax credits – 42%
Financial capability including help managing money – 29%
Debt – 14%
Employment – 4%
This week the charity gave evidence to the Work and Pensions Select Committee inquiry into pension freedom guidance.
In its written submission, Citizens Advice said that access to free guidance on pensions has been crucial in helping people to take adequate control of their finances. It also identified opportunities to provide additional support including reviewing the one free appointment policy.
The charity suggested that if a person visits Pension Wise at 50 to understand their options but then doesn’t want to access their pension until 60 then they should be able to make another appointment.
The charity also highlighted how Pension Wise sessions could be more tailored to an individual’s personal circumstances including offering answers on issues affecting pensions such as divorce and debt.
Are you and older person?
If you are an older person, the ‘Older Person’ section of our website has information about help that may be available from to you.
You can also get tips on managing your money.