Keeping informed during times of economic downturn: the trusted amateur as a preferred source of financial information

Abstract

Service providers need to understand financial capability from the perspective of the older client, in order to deliver services best suited for this age group. This article explores how older people perceive one dimension of their financial capability—their ability to stay financially informed. Older people were found to be accessing less traditional sources of financial information: they are either selfreliant for information, researching on the internet or using the media, or they tap into existing sources of social capital found within their social networks. Trusted public and voluntary sector service providers are preferred information resources over and above professionals in financial services. These findings suggest financial services need to build trust and/or form partnerships with other trusted voluntary or public sector services.

Keywords:

• Economic downturn
• financial capability
• financial information
• older people

Acknowledgements

We would like to acknowledge the contribution of our research participants, both the older interviewees, as well as the professionals working within with third, private and public sectors that offered up their time to be interviewed as part of this study. We wish to thank the members of the project steering group who offered valuable advice and support to the research team throughout the project. We also would like to thank Bournemouth Foundation for their financial contribution to this research. Finally, the project team is grateful for the financial support of the trustees of the Scottish Accountancy Trust for Education and Research (SATER); without this support, the research would not have been possible.

Additional information

Notes on contributors

Sarah Hean

Sarah Hean is an associate professor at HSC, Bournemouth University, UK.

Louise Worswick

Louise Worswick is a researcher at HSC, Bournemouth University, UK.

LeeAnn Fenge

LeeAnn Fenge is an associate dean, HSC, Bournemouth University, UK.

Charlie Wilkinson

Charlie Wilkinson is Head of Executive Education, Business School, Bournemouth University, UK.

Stella Fearnley

Stella Fearnley is Professor in Accounting, Business School, Bournemouth University, UK.