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Bank claims: Some older people 'excluded from financial services'

Many older members of the public do not have a current account, preventing them from making bank charges and potentially impacting their quality of life.

According to a study by the International Longevity Centre - UK (ILC-UK) and Age UK, this could contribute to social isolation and exclusion.

Research by the organisations found 9.3 per cent of people older than the age of 80 have become excluded from credit card claims, loan charges and other financial products.

ILC-UK head of research Dr Dylan Kneale suggested that part of this effect may be due to reporting errors.

"The results nevertheless show a surprising degree of instability in the use of financial products by older people," he added.

Age UK charity director-general Michelle Mitchell said her organisation "hears from older people who want to use banking services, but can't".

Some of the issues these individuals face include inaccessible call centres, closed local banks and difficulties taking out cash, she remarked.

ILC-UK is the UK's leading demographic change and longevity think-tank.

Charles Baker
Charles is a reputed financial analyst with decades of experience under his belt. ADNFCR-2776-ID-801453018-ADNFCR

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