Older people 'confused' by financial products

Older people are confused by financial products, a survey has found.

Sixty one per cent of over-55s are confused by financial products, with only one in three confident of the financial services they have purchased, according to research from Age UK Enterprises.

It is possible that those living without home care or those who have chosen not to find a care home could be most affected by this.

The survey shows that annuities are a particular issue, a worrying statistic as the service, which convert a pension fund into regular income through retirement, by nature targets those in later life.

Almost half of 55-64 year-olds were unsure of what an annuity was with almost a quarter believing it was some sort of investment fund.

Meanwhile, news of a longer average life expectancy has sparked worries about budgets among pension companies with already large deficits.

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