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This article is for general guidance only and is not financial or professional advice. Any links are for your own information, and do not constitute any form of recommendation by Saga. You should not solely rely on this information to make any decisions, and consider seeking independent professional advice. All figures and information in this article are correct at the time of publishing, but laws, entitlements, tax treatments and allowances may change in the future.
Whether you’re planning your retirement, already taking your pension, or want to get the most from your savings, there are many situations in which professional financial advice can be very helpful.
The right advice can help you to navigate complex rules and make the most of your money. You’ll usually need to pay for independent financial advice, but the good news is you don’t always need to pay for expert help.
From assistance with managing debts to guidance on pensions, we’ll explain where you can access reliable, free financial support and what you’ll get.
What’s on this page?
Debt can be one of the most stressful money issues to deal with, and if it gets out of control it can have a lasting impact on your life. Luckily, debt is the area of money where free advice is most readily available.
Debt advice services, often run by charities, are designed to help people understand their financial situation, manage debt, and find practical solutions to become debt-free.
MoneyWellness is one of several organisations that offer free advice on managing debt. About 30% of the people it helps are aged over 50 – and this figure is rising.
Matthew Sheeran, a debt advice specialist at Money Wellness, says: “From what we see, the over-50s are the demographic least likely to know that free debt and money advice is available. Free advice is available for everyone, but how people are helped will depend on their circumstances, such as whether they’re homeowners or renters, and their income and savings.”
Other organisations that may be able to help are National Debtline, StepChange Debt Charity, Citizens Advice, and Money Helper. Advisers at these organisations can advise on setting up formal debt solutions such as debt management plans and debt relief orders, where relevant.
Some over-50s might be eligible to claim benefits for the first time, perhaps due to job loss, a relationship ending, or poor health. Many retirees will be looking to claim pension credit, particularly as it acts as a gateway to many other benefits.
While it’s not financial advice as such, there are several online benefit calculators that can help you work out what you may be able to claim. There include tools from AgeUK, Turn2Us and Entitled To. Lloyds Bank has also recently added a benefits calculator into its smartphone app. As well as state benefits, these tools can also check your eligibility for charitable grants and help with energy efficiency schemes.
If you’d prefer not to use an online benefits calculator, Age UK can also help you with a benefits check over the phone. Call 0800 678 1602 for more details. And your local branch of Age UK can offer support with claiming benefits.
If you’re aged 50 or over, and have a defined contribution pension, you can get free pensions guidance from Pension Wise via Money Helper. This is a government service set up to help people understand the pension options available to them.
It offers everyone a structured 60-minute guidance appointment. It’s important to understand the difference between financial ‘guidance’ and financial advice. Guidance involves an overview of your options – it doesn’t include recommendations for products or companies.
Pensions guidance can be a good starting point for many, but it may be worth paying for professional pensions advice so an adviser can recommend the best course of action or a particular financial product.
This will be particularly important if you are likely to be keeping your pension invested in retirement and aren’t sure how to manage your pension or how much income you can afford to take.
Whether you are looking to take out a mortgage, remortgage your existing deal, or borrow money against the equity in your home, you can get free mortgage advice. Most mortgage brokers offer free advice and only charge if you choose to take a mortgage using their service.
Some don’t even charge you for taking out a mortgage as they get paid by the lender instead. Equity release mortgages are a way homeowners aged 55 and over can access some of the money tied up in their home without having to move.
But equity release is not suitable for everyone, so for this reason you will need to take professional advice before you go ahead. Some equity release companies will charge for advice – but you can also get it for free.
For example, StepChange Financial Solutions, part of StepChange Debt Charity, offers free equity release advice (but there will be a charge if you go ahead with a product).
Saga Equity Release is another option. It offers a no-obligation advice service – again you only pay an advice fee if you take out a product.
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Most of us would like to reduce how much we pay on household bills and insurance. Price comparison websites such as MoneySupermarket, Uswitch, GoCompare and Compare the Market can help with this.
It’s not financial advice, but these sites make it easier to compare prices and products from different companies, and to switch providers. Andrew Hagger, founder of MoneyComms, says: “Price comparison websites can save you a great deal of time and effort when searching for new products.
Whether it’s utilities, savings accounts, credit cards or insurance, you can get all the information you need in a single five or 10-minute visit.
Hagger adds: “It's not just the quick access to a choice of products that are a godsend, but comparison sites also have some excellent guides written by experts to help you understand what to look for and what's the best option for your circumstances.”
While comparison websites can give you guidance, they can’t offer you tailored advice or make specific product recommendations.
Many sectors where you might spend money have an ombudsman service that can listen to and try to resolve complaints about companies.
The Financial Ombudsman Service (FOS) can deal with complaints about financial businesses – such as banks, lenders and insurance companies – for free, as long as they’re based in the UK. There are different ombudsmen for the Channel Islands and the Isle of Man.
For gas and electricity companies, the Energy Ombudsman can help. Or for water, it’s the Consumer Council for Water (in England and Wales). The Communications Ombudsman deals with complaints about telephone and mobile phone companies and internet providers.
Despite the amount of free financial information on offer, there are times when it’s best to pay for advice from an independent financial adviser (IFA). Financial advice is often about long-term planning as much as it is about particular products or services.
This might include how to access your pension, the best way to invest a lump sum, planning for inheritance tax, or how to help your children or grandchildren financially.
Karen Barrett, founder and chief executive of Unbiased, says: “There are some scenarios where you must get financial advice, such as when you’re planning to use equity release or in certain cases related to transferring a pension [especially if you’re considering transferring out of a defined benefit scheme].
“Financial advice can help with many things such as investing and buying property, but there are certain areas that over-50s are more likely to focus on that could benefit from expert guidance.
“There’s estate planning to consider if you want to ensure you leave your assets to your loved ones most efficiently, which could involve setting up a trust or planning gifts to minimise your inheritance tax bill.”
It’s important to be cautious when it comes to unsolicited financial advice, especially from random callers. Scammers often prey on older people, offering promises of lucrative investment opportunities or time-limited financial deals over the phone.
While these calls may sound convincing, they are often designed to steal your money or personal information. Protect yourself by staying vigilant and sceptical of unsolicited offers.
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