Skip to main content Accessibility Statement
woman with grandchildren

Older people miss out on billions each year – Age UK’s tips to help

Between £3.7 and £5.5 billion of pensioners' income-related benefits are unclaimed every year. But help is at hand. 

When you get older, there are a number of ways you can get a little extra income to help you get by. For example, Pension Credit provides additional retirement income if you are on a low income, but one in three of the people who are entitled to it don't claim it. 

The losses don't stop there, with high bills and scams also costing older people hundreds of pounds they could be saving instead. 

This week, Age UK. - which helps older people identify around £160 million in benefits they are entitled to each year - launched a report 'Never too Late', detailing its experiences of delivering money advice to older people. 

Here, David Steele, Policy Advisor at Age UK, gives you some tips on making sure you are getting the money you are entitled to, and keeping your money safe.

Are you getting what you’re entitled to?

Our report highlighted older people could potentially get a lot more for their money.

Examples we found include switching energy providers, getting independent regulated financial advice and, for more challenging cases, applications for housing benefit, council tax benefit and pension credit.

Our winter warmth programme has supported nearly 16,000 households, resulting in around £900,000 savings in fuel bills each year.

Our report also found 37% of people aged 75 and over renew their home contents insurance with their current provider without checking the quote, compared to 11% of 65-74 year olds and 9% of 18- 64 year olds. You should always check and shop around to get the best deal if you can.

We can help you check you’re receiving all the benefits and allowances you are entitled to. There are local Age UK branches all around the country.

 

Beware scams!

Another important aspect of financial advice is avoiding scams. We are calling for a stronger UK anti-scam strategy involving police, Home Office, Trading Standards and the private sector.

There are ways you can protect yourself too. Remember to never respond to cold calls or offers that sound ‘too good to be true’. Never give your bank account security information to anyone who calls you, even if they claim to be from your bank (a common scam). Never transfer money to an account a caller says is a ‘safe account’ (another common scam).

If you are calling your bank, always make sure the number you are calling is your bank’s official number, as shown on your bank statement. Leave a gap between phone calls to make sure the line has disconnected properly before calling your next number.

Did you know what you are entitled to?

This guest post is from David Steele and doesn’t necessarily reflect the views of the Money Advice Service. You can find out more about Age UK and what they do on their website.

What do you think?

We really want you to share your views, but please remember to be nice ☺
All fields are required. Check out our full commenting guidelines

By clicking on 'Post Comment', you're agreeing to our Commenting Policy

  • Ann Fletcher / 30 June 2015

    I do not understand why the Gov say they can not tax State Pension. But they do in a way they makes it harder for me. I have to fill in a Tax Assessment Form, then in January AFTER Christmas I have to pay a tax bill. I have half of my private pension taken in tax every month as well it only £30 a month. Why can they not just do PAYE. I get less then someone who is on the Dole do they pay tax? my Husband And I worked from 15 Seven Days a week. But why don't Goxv be straight because they are taxing state benefits.