06Mar14 - Balancing the books: financial wellbeing in later life
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From mortgages to credit cards, savings to debt, balancing the books as you get older remains a challenge. As the fastest growing part of the population, older people are increasingly important to the ...
From mortgages to credit cards, savings to debt, balancing the books as you get older remains a challenge. As the fastest growing part of the population, older people are increasingly important to the UK economy. It has been estimated, for example, that people over the age of 65 spend more than £100 billion per year, which accounts for around 15 per cent of all household expenditure.
At the same time, older people are experiencing more pressures on their often limited financial resources (such as the need to pay for care and the rising cost of living) which can reduce their quality of life. It is crucially important, therefore, that policy-makers and practitioners have a good understanding of the different aspects of well-being among older people, in order to inform the design of policies and services that affect their lives.
At this event we will hear research findings from the joint programme ‘Financial dimensions of well-being in older age’ from the Personal Finance Research Centre (PFRC) and the International Longevity Centre-UK (ILC-UK), funded by the ESRC as part of the Secondary Data Analysis Initiative. Findings from this research programme thus far have focused on three themes: understanding the ‘older consumer’; understanding older households’ balance sheets; and understanding the financial dimensions of wellbeing in later life.
In the second half of the event, key thought leaders will provide their responses to the research findings, and engage in an open debate on what kind of policy and business responses are needed to support older people with their finances.
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