Over 60s could shop around more for financial products

New research from Intune a branch of Help the Aged and Age Concern England shows that 24 per cent of over 60s are overly reliant on relatives or financial advisors to ensure their finances are running smoothly, according to myfinances.co.uk.

Fifteen per cent don't check for cheaper insurance policies, 19 per cent don't shop around for the best energy deals and ten per cent don't check the interest rates offered by their savings accounts.

Mark Gettinby, Intune director of financial services, said: "The arrival of spring time and a new tax year is the perfect time to take a good look at your finances to make sure you are getting the most out of your money. With everyone watching their pennies at the moment, it is surprising how many savings can be made just by shopping around to find the best deals."

Mr Gettinby added that it was important for customers not to "cut corners", to ensure that such savings are worthwhile and that products and services meet their needs.  Nevertheless it was found that older people are careful with their money, 41 per cent choosing UK banks following the Icelandic banks' collapse and 24 per cent keeping their money in more than one bank account.

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