Ageism against those over 50 is leaving millions of people feeling disadvantaged for no longer being given the same financial choices as younger generations.
A report by the mortgage provider LiveMore has discovered that two in five people in their 50s are getting far more limited options when it comes to borrowing money – experiencing problems from a wide range of services, including when applying for credit cards, a bank loan or a mortgage.
And the problem gets even worse as people get older – with more than three-quarters of those in their 80s believing they have a far more limited access to financial services than they enjoyed when younger.
Left out: Ageism against those over 50 is leaving millions of people feeling disadvantaged
Leon Diamond, founder of LiveMore, says: ‘More needs to be done within the industry to provide financial support to those who need help – whatever their age.
‘The sense of financial freedom you might get in your 40s suddenly stops when you reach 50. So it is also wrong that younger customers are being allowed to sleepwalk into a more ageist world of limited choice without even knowing it.’
In its survey of 2,000 people, the report also found that the loss of financial choice to those in their 50s comes at a bad time – just when many are starting to reflect and regret past money choices they have made.
About three-quarters of respondents wished they had managed money differently when younger – by paying off debts earlier, for example – so they could have more savings in retirement.
The findings revealed the industry fails to meet the needs of older customers because it largely ignores them – preferring to focus more on younger people for savings and lending.