Empowering Older People for Financial Management Post-Retirement
This project, Money Matters, conducted roadshows and provided information guides to help older individuals manage finances through key life events and plan for later life. The initiative increased awareness, knowledge, and utilization of financial services among attendees, with positive feedback from follow-up calls. Challenges included engaging older people in evaluation and overcoming barriers related to cognitive and sensory impairments. Future steps involve expanding the project model to other networks and reaching out to more individuals facing financial struggles.
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Presentation Transcript
Money Matters How can we help older people, post retirement, to manage their finances through key life events and to plan ahead for later life?
Money Matters Project delivery June 2017 - January 2018: Roadshows Information guides Call the Age Scotland helpline for advice Evaluation
Money Matters Attendees Roadshow topic Bookings 357 25 Benefit entitlement 229 14 Care costs and funding Power of Attorney Wills and funerals 184 83 353 12 7 23 Planning for change Total 1206 81
Pre and post roadshow evaluation 58% of roadshow attendees were involved in the evaluation in some way All roadshows increased knowledge and understanding Roadshows increased awareness and intended use of I&A services 10% planned to look into their finances, do some research or read the information guides provided at the roadshow. 10% were going to get a benefit check or apply for a benefit 10% planned to set up Power of Attorney.
6 week follow up calls 84% had looked at the information guides 82% had talked to someone about what they had learned 40% had done something: looked into their finances, contacted a service for I&A or applied for a benefit. 56% felt that attending the roadshow had made a difference to the way they felt about their finances
Other learning Older peoples groups will engage with and learn from roadshow events on potentially stigmatizing subjects Some older people are reluctant to call helplines Holding roadshows where people normally meet is challenging to deliver. Engaging older people in evaluation can require additional support to overcome barriers linked to cognitive impairment, sensory impairment or frailty.
What next? Use model in other networks of groups with trusting relationships Explore how to reach more people in the struggling segment (often/always having trouble keeping up with bills and with no savings). Improved professionals awareness
