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Centre for Policy on Ageing | |
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Asset rich cash poor in the economic downturn
— the financial challenges facing retired older people | | Author(s) | Sarah Hean, Louise Worswick, Lee-Ann Fenge |
| Corporate Author | Institute of Chartered Accountants in Scotland - ICAS; Scottish Accountancy Trust for Education and Research - SATER |
| Publisher | Research Committee of the Institute of Chartered Accountants in Scotland, Edinburgh, 2013 |
| Pages | 57 pp |
| Source | ICAS, CA House, 21 Haymarket Yards, Edinburgh EH12 5BH. research@icas.org.uk www.icas.org.uk/research |
| Keywords | Economic status [elderly] ; Assets [elderly] ; Owner occupied dwellings ; Projects ; Poole ; Bournemouth. |
| Annotation | Older people are thought to be particularly vulnerable during times of economic downturn. This report looks at the experience of a specific group of retired home owners age 65+ in Poole and Bournemouth, Dorset, who are living on modest incomes and not in receipt of means tested state pensions, the so-called "asset rich cash poor" (ARCP). This project investigates how this group managed their financial circumstances the impact of the downturn on their well-being and quality of life; and whether services and support available to this group and other older people could be improved. The study found that many ARCP older people, particularly women, had done little retirement planning; and they tended to manage the money they had very carefully and had an aversion to debt. The combination of reduced income from investments, increases in pensions which do not keep pace with inflation, combined with increases in costs for essential and non-essential expenditure, is having an impact on social, physical and mental well-being, and is causing noticeable lifestyle changes. Cuts to public and third sector services are similarly being affected by the economic downturn, and having an indirect impact on older people. In order to make ends meet, some ARCP older people may take greater financial risks or be more vulnerable to abuse in an economic downturn. While this report recognises the strengths within older people to manage money, the authors suggest that there is a need for more appropriate financial advice and support for this group. (RH). |
| Accession Number | CPA-130809004 B |
| Classmark | F:W: JD: KEA: 3E: 8DOD: 8DOE |
Data © Centre for Policy on Ageing |
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| ...from the Ageinfo database published by Centre for Policy on Ageing. |
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