5 June 2007
As part of a scheme to encourage elderly consumers to engage in more modern ways of banking, APACS,the UK payments association has produced a new guide on how best to manage their finances.
Entitled Payments In Retirement, the pamphlet seeks to introduce financial services like Direct Debits as a safe and convenient way for older consumers to manage their finances.
Currently, fewer over 65s use Direct Debits than almost any other age group and more than half of all over 65s believe that cash is the most or second-most important means of paying and ensure they have it with them when they go out.
Using systems like Direct Debits and online banking will not only make managing consumers' finances easier, but could also protect them from having their money stolen. Direct Debits are a secure way of paying off bills, though consumers should always keep an eye on their statements, just in case.
Commenting on APACS' new guide, David Sinclair of Help The Aged, told the Sun: "New banking systems and technologies can be daunting.
"This guide will help to make the different payment options easier for older people to understand and help them protect themselves against money scams and fraud."
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