You may not have noticed it, as this has been quite a busy time in Westminster, but the new Equality Bill, set to become law in 2010, is to put an end to age and gender bias, including in the sale of financial products. Above:Hands up all those who think they are getting the best rate? Banks and building societies may be prevented from treating some customers more favourably than others, including offering accounts aimed at older savers. Regardless of age the Bill does raise issues over gaining value for your savings. The 50+/silver saver accounts should recognise that older people have saving needs and requirements that often focus on simplicity, reliability and regularity of payment. Accounts designed specifically for older savers do not always offer rates higher than other accounts in the market. Best deals are not necessarily those claiming to be the most appropriate, with rates on these accounts on the whole lower than the best instant online savings accounts available to all.
The Government recently increased the ISA limit for those over 50 earlier than the rest of the population, slightly at odds with their legislative policy. The Bill has been described as unworkable, misleading and gobbledygook, which surely makes it a certainty then. Given the current difficulties with politics, upsetting those most likely to vote would previously have been unwise. Alienating the whole electorate however, may be a cunning plan to ensure no one even bothers to vote.
Whilst the Government is keen to discuss the issue of age at a national level, in my humble opinion, there is a more pressing need for the spotlight to focus on the opposite end of the age spectrum. When not discussing MP's expenses, this week's news headlines have been filled with the details of a new family unit consisting of a Mummy, Daddy and wee one, all aged 15 or under. Are they all able to access children's accounts, never mind child benefit and child trust fund allowances? The vast majority of the UK's eight million pensioners rely on savings or share-based income during their retirement. Compounding this, the Institute for Fiscal Studies estimates that due to the continued high annual inflation in food and domestic energy costs the poorest pensioners over the age of 80 are facing an inflation rate of 6.7%‚ compared with the official rate of inflation of 3%. The facts are clear. Now more than ever savers need to shop around to get the best deal for their money, with the ideal place to start. With any rate rise unlikely until next year, this is a good time to ensure you are keeping any savings in the right account.
Lee Tillcock, Editor of Moneyfacts
Tags: savings, pensions
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