Industry must work harder to save older people from scams - think tank

Financial capability is very important

clock • 3 min read

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...

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