Old people are more likely to be 'socially excluded' by financial institutions, leaving them financially unstable and vulnerable.
A worrying number of retired people do not have suitable accounts or policies in place, due to closures of local bank and building society branches, issues communicating with call centres and difficulty understanding products.
According to the study by the International Longevity Centre – UK (ILC-UK), 10% of older people admitted to not owning a current account, whilst a shocking 23% of senior citizens do not currently have adequate life insurance cover in place.
Despite this, many older people want easy and simple access to financial products and services.
The results of the survey have prompted calls for banks, building societies and insurers to reach out to their older customers, by providing clear facts and information about financial products.
David Sinclair, assistant director of policy and communications at ILC-UK, said: "This report shows that we should not be complacent about financial exclusion.
"Access to financial products is vital if broader social exclusion is to be tackled. The most disadvantaged are being hit hardest as a result of a lack of access to financial services and products".
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