• Latest in the series of consumer guides from APACS advises retired people on managing their finances
• Research shows that fewer over 65s use direct debits or withdraw cash from cash machines than almost any other group
• APACS and Help the Aged team up to provide top tips on how to best protect yourself against fraud

APACS, the UK payments association, has today (25 May 2007) launched a new advice guide to help older people understand the options available to help manage their finances and protect themselves against fraud.  The “Payments in retirement” advice guide contains all the information that older people need on setting up direct debits, using internet banking and protecting against fraud.

Research by APACS has found that fewer over 65s use direct debits than almost any other age group.  Although people over the age of 65 are likely to be more responsible than others when managing their finances, with 67 per cent paying off their full credit card bill each month and 80 per cent checking bank or credit card statements as soon as they arrive, many are not taking advantage of all the payment options available.  Almost half of all over 65s do not know that they are able to set up a direct debit to pay either the minimum repayment or the full balance on a credit card each month.

APACS figures also show that only 51 per cent of over 65s withdraw their cash from cash machines – a smaller percentage than any other age group.  The Payments in retirement guide provides advice for older people who fear being charged for withdrawing cash or fraud at cash machines.

The advice guide also contains top tips on how older people can best manage their finances to get the most out of the payment options available and helpful advice on how to protect themselves against fraud.

Sandra Quinn, director of communications at APACS, said:

“Although older people are more likely to be responsible in managing their finances, we have produced this guide as they are still less likely to use certain payments methods and new technologies available.  Our research shows that over 65s are less likely to use direct debits, withdraw cash from cash machines or to bank online.  With this guide we hope to highlight the convenience and security that each of these provides and offer advice on all the payment options available.” 

David Sinclair, Head of Policy at Help the Aged added:

“Many older people don’t choose to pay their bills by direct debit and we know that the poorest pensioners are paying more as a result.  However, for many, new banking systems and technologies can be incredibly daunting. This guide will help to make the different payment options easier for older people to understandandat the same time help them protect themselves against money scams and fraud."