Financial Planning week 21 – 25 November 2011
21/11/2011
“We strongly support Financial Planning Week 2011 which reminds us that getting your finances in order and preparing for retirement has never been more important. Set against a backdrop of record low interest rates, soaring inflation and increasing life expectancy, retirement is likely to be longer than ever, meaning many are faced with a lower level of income.
“This week should encourage people of all ages to review their finances, particularly those in later life. The latest Silver RPI findings show that over 55s have seen an 18% rise in living costs since 2008 – almost 5% more than the general population, meaning that someone aged 55 or over is now, on average, £978 a year worse off than official measures recognise.
But while this makes it crucial that those in later life have access to suitable products and services, people must also have access to quality support and advice to help them maximise their retirement income. This advice should be easily accessible to help people become savvier consumers and encourage shopping around.
“This should all go some way to help mitigate the pressures on later life finances. Consumers and the financial services industry should be spurred on by Financial Planning Week to take the necessary steps to plan for the future.”
Gordon Morris, Managing Director of Age UK Enterprises