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• 7.5 million* (15 per cent) of the UK adult population is in acute need of financial advice
• This includes 600‚000* people over the age of 65
• Age Concern Enterprises launches an Independent Advice service in conjunction with the Co-operative Independent Financial Advisers (CIFA) to provide access to a ‘whole of market’ advice service for all sectors of the population over 50.

With more than one in six (7.5 million) of the UK population in urgent need of financial advice*‚ Age Concern Enterprises announces the launch of its Independent Advice Service to be provided by the Co-operative Independent Financial Advisers (CIFA).

New research from Age Concern’s Age Agenda report reveals that 600‚000* people over the age of 65 in the UK are in need of financial advice‚ and even more worryingly‚ more than 220‚000* (4 per cent) households headed by people aged 65-84 are without a bank account.

Demographic changes are transforming the age structure of Britain. For the first time there are now more people over 60 than under the age of 16. There are 11 million pensioners and 17 million ‘baby boomers’ those aged between 45 and 65**. Research has shown that the ‘baby boomers’ are determined to reinvent the experience of retirement and‚ with quality of living an important issue for many**‚ sound monetary planning has never been so crucial in order to avoid financial exclusion later in life.

Over recent years thousands of people have contacted Age Concern asking for help on important financial decisions such as inheritance tax and investments. The new service has been designed to aid people who are unsure who to turn to for unbiased advice and for those who have not had access to basic financial products and services.

The Independent Advice Service provides guidance and advice on the following areas:

•  Savings
• Investments
• Inheritance tax planning
• Pre-retirement financial advice
• Post-retirement financial advice
• Care fees planning

Eddy Short‚ Financial Services Product Manager at Age Concern Enterprises‚ says: “With changes to pension regulation and volatility in the financial markets‚ the need for people to have access to an unbiased financial advice service has never been so important. And the fact that so many older people don’t have access to basic financial planning is also very worrying.

“If people want to improve their quality of life in retirement and protect the value of their estates‚ it’s essential they make informed financial decisions. By using Age Concern’s Independent Advice Service‚ customers can receive unbiased‚ tailored guidance which will help make a complicated process less daunting.”

Lynn Coleman‚ Managing Director at the Co-operative Independent Financial Advisers‚ says: “The research really emphasises the importance of the availability of independent financial advice for older people and we’re delighted to be providing this service under Age Concern Enterprises’ umbrella of products.”

To start providing access to help and guidance to older people‚ Age Concern and CIFA are funding a nationwide seminar programme‚ running from 19th May‚ which‚ amongst other things‚ will include the following topics:

• An introduction to Inheritance Tax
• Maximising income in retirement
• Care fees planning

Co-operative Independent Financial Advisers were chosen as Age Concern’s commercial partners‚ because they are one of the UK’s leading independent financial advisers and as part of the Co-operative Bank‚ they share the bank’s co-operative values and ethical policy. These values mirror those of Age Concern in that both organisations strive to enable people to ‘exercise choice’ and ‘help themselves’.

With its profits‚ Age Concern Enterprises supports Age Concern’s charitable activities‚ raising additional funds for invaluable support services such as day care‚ information and advice‚ home visits and transportation‚ as well as helping the charity campaign on issues like age discrimination and pensions.

To find out more about the Independent Advice Service call free on 0845 685 1077 or visit your local Age Concern*** or log on to www.ageconcern.org.uk/financial-advice.

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For further information please contact Elly Kestenbaum‚ Imogen Davies or Jess Baker at Trimedia on 020 7025 7500 or elly.kestenbaum@trimediauk.com / Imogen.davies@trimediauk.com / jess.baker@trimediauk.com
 
Notes to editors
* Age Concern’s Age Agenda report‚ February 2008
** Source: Age Concern publication Winning in 2009‚ The Importance of the Baby Boomers
*** Not all Age Concerns offer all Age Concern products. Please check by telephoning your local office‚ before arranging a visit. Trading Age Concerns are Appointed Representatives of Age Concern Enterprises Limited (ACEnt) which is authorised and regulated by the Financial Services Authority for insurance mediation (311438).  ACEnt is registered in England and Wales No. 3156159. Registered Office: Astral House‚ 1268 London Road‚ SW16 4ER. Age Concern Insurance Services is a trading name of ACEnt‚ which is a trading company of Age Concern England and gives any profits to that registered charity.

About Age Concern Independent Financial Advice
The service has been launched in response to the many customers who have contacted us to ask where they can get help with important financial issues‚ such as advice on Inheritance tax‚ investments‚ and care fees planning. Age Concern is committed to helping both existing and new customers to find answers to these questions.. The Co-operative Independent Advisors  have been chosen to provide this service as their values mirror the values of Age Concern in that both organisations strive to provide information to it’s customers so that they can ‘exercise choice’. In addition The Co-operative Independent Financial Advisors are experienced in providing advice to customers over 50‚ and Age Concern is extending their successful nationwide seminar programme with a proposed 100 nationwide free customer seminars.
Age Concern & why it trades
At a local level‚ Age Concern offers a range of services for older people‚ such as day centres‚ luncheon clubs‚ and advice and information services.
At a national level‚ Age Concern campaigns with and for older people: developing policy; influencing Government; training care professionals; supporting local Age Concern bodies‚ financially and professionally.
To fund this work‚ Age Concern needs a constant flow of independent income. It seeks to achieve this through a balance of traditional fund raising and trading activities.
Age Concern’s trading activities enable it to meet the needs of older people‚ through products specifically designed for them; quality products at fair prices such as General Insurance and Energy Services.

Age Concern Enterprises incorporates:  Age Concern Insurance Services‚ Age Concern Energy Services‚ Age Concern Funeral Plans‚ Age Concern Weekly Lottery‚ Age Concern Financial Solutions Ltd‚ Aid Call‚ Age Concern Christmas Cards and Charity Flowers Direct.

About Co-Operative Independent Financial Advisors

Independent Financial Advice is provided by The Co-operative Independent Financial Advisers. The Co-operative Independent Financial Advisers is a brand name of Co-operative Bank Financial Advisers Limited. Registered office: P.O. Box 101‚ Balloon Street‚ Manchester M60 4EP. Registered number: 718903. A subsidiary company of The Co-operative Bank p.l.c. Authorised and regulated by the Financial Services Authority.

For general enquiries about our products please contact us.

Journalists contact:

Trimedia
Derya Filiz
Elly Kestenbaum
Imogen Davies

Telephone:
0207 025 7500