Economic Downturn affecting wellbeing of “Asset Rich, Cash Poor Older People.”

 

Interesting press coverage of Bournemouth University Research on wellbeing of older people.

Older people who are asset rich but cash poor are turning to health and social care providers rather than accredited professionals for financial advice, new research has suggested.

Research commissioned by ICAS (a professional body of Chartered Accountants) which involved interviewing sample groups of retired homeowners on modest incomes, care professionals and financial advisers found that none of the older people surveyed had heard of the Money Advice Service (MAS) and that the lack of trust in financial advisers was widespread.

Instead, many of the older people participating in the research admitted to asking friends, family members and health and social care workers – rather than accredited financial advisers – for advice on managing their income, pensions, investments and savings.

 

http://www.independent.co.uk/money/spend-save/elderly-left-struggling-by-financial-advice-swap-8831775.html#

http://www.ftadviser.com/2013/09/25/ifa-industry/your-business/pensioners-pick-carers-over-professionals-for-advice-icas-eSdC2DCLQ4E05Vfc2wj8sO/article.html

http://www.pensionsworld.co.uk/pw/article/concern-as-%E2%80%9Casset-rich-cash-poor%E2%80%9D-turn-to-carers-for-financial-advice-12327791

http://www.accountancylive.com/croner/jsp/Editorial.do?contentId=2766588&BV_SessionID=@@@@0978686327.1380531902@@@@&BV_EngineID=ccceadfldhmfielcflgceggdfnfdgfg.0&channelId=-601049

http://www.sciencedaily.com/releases/2013/04/130430092425.htm

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