1. Involving Older People in the Development of Financial Products and Services Carol Brennan and Elaine Ritch

2. Research Areas and Approach Bank accounts – in particular, opinions on an age specific Scottish Senior account for those aged over 50 Perception of equity release products and attitudes to inheritance Attitudes to a No Nonsense quality mark Approaches to involving older people in research – survey and a World Café

3. World Cafe The World Café was considered a successful method for discussing financial matters as well as sharing opinions and experiences The drama certainly enhanced the relaxed atmosphere, as did the layout of the café theme and the refreshments The smaller groups were liked and the rotation of tables prevented any one person from dominating the conversation

4. Bank accounts Awareness of new bank accounts for those aged over 50 All of the respondents had a current bank account, and some had heard of the 50+ account available at the time of the research The research found that there was little enthusiam for a 50+ account A higher interest would attract the 50+ market Banks were perceived as only interested in making profit Many respondents had a fee based bank account, paying a monthly fee for related benefits. Annual travel insurance was seen as a good reason for having such an account, as this is difficult and expensive to obtain for those aged over 65

5. Equity Release Older people have limited access to obtaining credit. Therefore, it is thought that equity release products will have an important role in allowing for access to large sums of money or additional income for those who own their own homes

6. Equity Release There was a broad awareness of equity release products with 80 per cent of the respondents from the questionnaire having heard of the term. Also, 70 per cent of the respondents owned their homes outright and were ideally placed to comment on equity release products.

7. Equity release The questionnaire results revealed that the respondents were reluctant to use their homes to pay for their retirement

8. Equity Release The World Café participants had various opinions, however, they regarded downsizing as the preferred option – some had family living outwith the area and needed the space for their visits –others thought that selling would prevent the bank getting their hands on hard earned cash and allow increased independence. Maintaining social contact within a community was also an important consideration.

9. Equity release Most wanted to leave something for their children, despite recognition that home ownership for younger people had increased Some wanted to help their children now, when it was needed Participants did not like the idea of money going to the bank

10. Equity Release Equity release providers were considered unethical in the ways they marketed these products to the elderly Releasing equity for luxury goods or services was considered irresponsible Planning for the future was considered difficult as people are living longer. Knowing how long to prepare for was thought to be impossible and releasing equity can be costly Home ownership was seen as liberating and enabling independence. Further, for some people, homes were based on memories and sentimental attachments for the whole family

11. No Nonsense World Café participants viewed the suggestion of a No Nonsense mark of quality compliance with suspicion However, the results from the questionnaire indicated that such an endorsement would improve confidence in products and services

12. Next Steps Bid for funding to establish Consumer Panels at QMU to promote the involvement of older people in product and service design Grant application to the Economic and Social Research Council (ESRC)

13. Next Steps Focus on implications of equity release products on older people. Impact on access to care. The need for better information about these products for older people

14. Contact details Carol Brennan Academic Director Queen Margaret University 0131 474 0000 cbrennan@qmu.ac.uk Elaine Ritch PhD student Queen Margaret University 0131 474 0000 eritch@qmu.ac.uk