A number of worrying headlines have appeared in UK daily newspapers recently supporting the often held view that people over the age of 50 are being targeted to receive less favourable treatment than everyone else when it comes to buying goods and services.
Now,according to the Daily Mail, often products aimed at a certain age group, saving accounts for the over 50s for example, do not compare favourably with accounts available to younger people. This age group is often picked-out to receive the worst of the savings deals, and says it found:
‘Overall,… the average interest rate offered by the top 20 financial providers for the over-50s is 2.23 per cent – but it is 3.17 per cent for accounts aimed at all age groups.’
It reported that researchers had looked at all the cash savings accounts available, including instant access accounts, notice accounts and fixed-rate products. Cash Isas were excluded.
This is an outrageous situation, financial experts warned, that older savers are being sold less attractive savings deals than other age groups. For a fuller report you can continue reading at over 50s being offered worst savings deals where you can see details of several of the financial giants currently providing an unfavourable offering based on age. It is important for savers to note the terms of the saving contract being offered, and to be particularly aware of interest rates which hold good only for a short period e.g. 12 months, and then fall back to a very small return henceforward.