Worrying new research* amongst people aged 60+ shows that although they are taking some steps to protect their savings and investments, lethargy is costing them hundreds of pounds as they are fail to shop around for utilities and financial and insurance products. A quarter (24%) of those that do undertake regular reviews trust their finances entirely to third parties, despite the accessibility of comparison information in print and on-line media.
The poll by Intune, the financial products and services provider for older people, shows that a quarter (25%) of those interviewed do not review the cost of their insurance policies regularly (once a year or more), and one in six (15%) never review them at all.
Similarly, one in five (19%) don’t check the interest rate on their savings at least once a year, with one in ten (10%) never reviewing them. One in five (19%) also never review their utility provider charges or will only review them once every 6-10 years, meaning they could be losing hundreds of pounds on this area alone.
When they do review their financial products, a quarter (24%) of people aged 60+ rely on other people to do the work for them, such as family members, financial advisers and insurance brokers.
Older people are, however, exercising caution in the following ways when it comes to their finances in the current economic climate:
- Two in five (41%), are more likely to choose a UK provider when choosing a savings product in the current economic climate.
- Over one in three (37%), are more likely to choose a fixed rate product.
- One in four (24%), are more likely to spread their money around more.
According to Mark Gettinby, Director of Financial Services at Intune: “The arrival of spring time and a new tax year is the perfect time to take a good look at your finances to make sure you are getting the most out of your money. With everyone watching their pennies at the moment, it is surprising how many savings can be made just by shopping around to find the best deals. However, it is important to make sure that you are not cutting corners and finding that you are not covered adequately or do not have products that meet your needs.”
For further information on Intune or to download a new guide on how to get the most out of your money, visit www.intunegroup.co.uk/news
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FOR FURTHER PRESS INFORMATION PLEASE CONTACT:
Henry Collinge/Siobhán Griffiths
Kinross + Render
020 7592 3100
intune@kinrossrender.com
NOTES TO EDITORS
* The Intune research was carried out by GfK NOP between 6th-8th March 2009, amongst 284 people aged 60+. A nationally representative telephone omnibus survey was conducted. Weighting was applied to the data to bring it in line with national profiles.
© The research is the property of Intune and any references to the findings must credit Intune.
ABOUT INTUNE
The Intune Group Ltd was launched on 1st May 2007 by Help the Aged to provide fuss-free and value-for-money financial products and services which are particularly tailored for the needs of mature people. Unlike some providers, age is not an issue and no Intune products have an upper age limit.
Intune is a wholly owned subsidiary of Age Concern and Help the Aged, a registered charity formed by the merger of Help the Aged and Age Concern England in April 2009. Intune gives any profits to the registered charity (charity number 1128267).
It offers a range of tailored products and services which although are available to anyone, they are particularly designed to help people plan their financial affairs at a time when they need genuine trusted and useful advice*. Intune aims to help people make the most of their finances as they get older and their financial priorities and needs change.
Its main commercial partner is respected mutual, Liverpool Victoria. All Intune’s call centres are UK based, with helpful, friendly staff.
** advice is not provided in respect of travel, motor, home and pet insurance.
