Individuals are being asked to take ever more responsibility for their own retirement savings.
Auto-enrolment means that many more people have started saving into a pension scheme: 1.6 million, according to figures from September, and with an opt-out rate so far of just 9%, far lower than most expected.
However, job-hopping, delayed transition to adulthood and other factors like increased debt in older age will put a cap on its effectiveness unless individuals make a proactive effort to kick start their savings. Continue reading
Earlier this month, I attended the intersessional meeting between civil society and the Open Working Group on Sustainable Development Goals (OWG) in New York. The OWG is the group of UN member states that is leading the process towards a global framework beyond 2015. The session included a presentation on ageing for the first time ever. Continue reading
‘More than 1,000 care home residents have died of thirst or while suffering severe dehydration over the past decade’ reports The Daily Telegraph. The article also mentions that the figure could be higher if care home residents who die in hospital are included. The figures obtained under the Freedom of Information Act are the result of an analysis of death certificates by the Office of National Statistics. The article highlights the outcry by various charities for improvements in hydration for older people, and demands action by policy makers and the regulator.
As part of the ILC-UK and Personal Finance Resource Centre (PFRC) partnership project on financial circumstances and wellbeing, funded by ESRC through the Secondary Data Analysis Initiative, a seminar hosted by Brown-Forman in October 2013 to discuss findings around consumer spending. At this seminar, David Hayes from the PFRC presented new research exploring patterns of expenditure among older people. This research was then debated by an expert roundtable, along with broader questions surrounding the ‘older consumer’.
How to market to the older generations is becoming an increasingly important topic as the UK’s population ages. A key issue to be addressed by marketeers is how to avoid the homogenisation of this group, as its diversity is often lost in ageist perceptions of ‘what older people want’. David Hayes’s and Sharon Collard’s research findings combat this one dimensional view of older people by investigating their differing spending habits. Continue reading
ILC-UK has been a member of the Support Active Ageing Through Immunisation (SAATI) coalition since its formation in late 2011. SAATI is a voluntary working body, established with the intention of promoting the development of improved adult immunisation strategies and policies across Europe – a goal around which leading public health advocates coalesced; with SAATI membership drawn from various backgrounds, including: academics, patient group leads, healthy ageing specialists and industry experts. Continue reading
Former Cabinet Secretary Gus O’Donnell, who until recently was the most powerful civil servant in Britain, published a forthright attack on politicians in the latest issue of Political Quarterly. In so doing, he also sought to undermine some of the key principles of liberal democracy, by placing policy-making power in the hands of independent commissions – drawn mainly from the private sector – rather than the public’s elected representatives.
FINDINGS 4: FINANCIAL DIMENSIONS OF WELLBEING IN OLD AGE
Using a major international dataset – the World Values Survey – this blog presents preliminary findings about levels of self-reported financial satisfaction. Analysing data from 56 countries over six continents, these findings throw new light on levels of financial satisfaction within and between countries. We plan further detailed analysis that will be of use to both international practitioners and policy-makers alike.
The collaboration between ILC-UK and the Personal Finance Research Centre (funded by the ESRC) is now in full swing and has been producing results from several data sources. The project looks at financial dimensions of wellbeing and wider quality of life measures in older age. It began in earnest earlier this year and we have presented our work at several national and international conferences, as well as publishing our results widely . This is the fourth in a series of blogs to highlight emerging findings from the research. Continue reading
Since 2010 Aviva have annually produced a quarterly Real Retirement Report with this year’s Autumn edition published in October. The focus of the Autumn 2013 Real Retirement Report was to delve into the financial attitudes of those 55 and over to tease out an understanding of what constitutes a happy and secure retirement. The report also sets out a detailed overview of the financial patterns of older people and the wider fiscal context.
In a recent study we found that age discrimination was the most common type of discrimination reported by older adults, followed by discrimination due to gender and financial status. While this finding might not come as a surprise to some, what our study does do is highlight that age discrimination remains both prevalent and a very real problem for society.
Analysis of data from the Fifth Wave of the English Longitudinal Study of Ageing (ELSA) indicated that approximately one in three men and women aged 52 and older experienced age discrimination, with rates increasing to 36.8% among respondents aged 65 and over (1). Those most at risk were older, male, retired, had higher levels of education, and lower levels of wealth. Studies using data from the European Union have also shown that age discrimination is experienced by many older adults. On average 26% of European citizens over 62 years old have experienced discrimination due to their age, with over one in ten frequently experiencing discrimination (2, 3). Continue reading
The number of grandparents who contribute to the cost of their grandchildren’s university education is expected to rocket in the next decade, says study from International Longevity Centre-UK (ILC-UK) today. 
While 3% of grandparents have already contributed to the cost of their grandchildren’s university experience, the percentage is expected to shoot up to 13% over the next 10 years. The majority of grandparents said they would dip into savings to support their grandchildren and a small number said they would use investments or property wealth. Continue reading