Intunes 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%) dont 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.
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, says Mark Gettinby, director of Financial Services, Intune.
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.
L.D.