Money

Retirement

One step ahead in retirement

Calm and happy couple

Managing your finances can be a challenge with the ever-changing world of banks and the fear of fraudsters - but now there is a guide aimed to help older people keep up with the changes and protect yourselves against crime, writes Holly Thomas

The Payments In Retirement guide, produced by APACS, the UK payments association, is brimming with advice and tips specifically geared for the over-65s.

It looks at everything from using internet banking to protecting against fraud.

Research from APACS has illustrated that banking online has so far proved unpopular with older people, compared with other age groups.

Internet banking puts you in the driving seat without having to get up and go to a branch. You can check your balance and transactions, transfer money and pay household bills. You can also order Pin numbers, set up and amend standing orders and direct debits, and request overdrafts.

It is also easier to keep tabs on your bill as you go along to make sure you are not overspending.

The guide offers valuable advice on how to bank online safely, including how to spot a scam.

Direct debits get the thumbs down from the over 65s with the APACS research revealing this group is less likely to use direct debits than almost any other.

However, paying by direct debit can often save you money. For example, if npower supplied your gas or electricity you can get up to an £80 discount a year by paying this way.

It can also take the hassle out of keeping up with credit card payments - although almost half did not know they can set up a direct debit to pay the minimum repayment or the full balance on a credit card each month.

APACS figures also show only 51 per cent use cash machines - fewer than any other age group.

This might be down to many people worrying they will become charged or being a victim of fraud. The guide offers hints on how to avoid this, and a breakdown of things to do to protect yourself, such as not allowing yourself to become distracted at a cash machine, and never writing down your PIN.

The over 65s are, however, 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.

For further information, contact APACS on 020 7711 6259, or visit http://www.apacs.org.uk/documents/Retirement.pdf

* Holly Thomas is the deputy personal finance editor of the Daily Express and Sunday Express. Her opinions are her own and for general information only. Always seek independent financial advice.

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The material is for general information only and does not constitute investment, tax, legal, medical or other form of advice. You should not rely on this information to make (or refrain from making) any decisions. Always obtain independent, professional advice for your own particular situation.