Older people now have to make more important financial decisions than ever before yet little is known about what actually helps them avoid the growing threat of scams, a think tank has said.
The International Longevity Centre UK (ILC-UK) said pension freedom, which gave people over the age of 55 complete access to their pot without the need to buy an annuity, had opened up the retirement income market and in turn placed more financial responsibility on individuals in later life. It also said a growing number of older people were being caught by financial scams and it was important for the industry to do all it could to reduce the risk. However, its latest report found the financial services industry does not know enough about how to help people be more financially savvy in t...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
