Intune, a subsidiary of Help the Aged and Age Concern England, has discovered that nearly 25 % of consumers over 60 do not regularly review their personal  finances.  Instead, this group of consumers rely on financial advisers or other family members to provide them with advice and guidance on their money. 

A further 15% of the over 60s fail to review whether the cover being provided by their existing insurance policies remains appropriate, and 10% fail to review the rates of interest being received on their savings and whether this could be improved.

It is wise for all consumers, not just the over 60s, to carefully review their existing financial arrangements to make sure they are getting the most out of their money.  By regularly reviewing and comparing existing financial arrangements it could be possible to find similar or better cover at a similar or lower cost.  However, it is important for consumers to remember that cheapest isn’t always best.  Some insurance policies might be cheaper than others, but they may not offer the same level of cover or protection. Consumers have different needs and different circumstances, and what might be right for one consumer might not for another. 

Intune noted that older consumers have become more cautious with their savings, possibly due to the high profile collapse of several financial institutions in the UK.  This has lead to many older consumers spreading their savings, and thus risk, across several different banks and building societies.

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