Age Scotland launches free debt management service for older workers

The number of unemployed people aged over 50 in the UK has increased by a third in the past year according to analysis of data from the Office for National Statistics by Rest Less, an online community site for over 50s.

Figures show that there are now 91,000 more unemployed older people than there were 12 months ago. Unemployment across all age groups has increased by 24% but this rises to 33% for employees over 50 and indicates that older workers may have been disproportionately affected by Covid.

The impact of unemployment in the over-50s can have a detrimental effect on later life financial wellbeing. In Age Scotland’s experience of delivering pre-retirement Planning For Your Future workshops to almost 3,000 older Scottish workers, people often don’t think about future finances until nearer retirement, often wishing they had thought about it sooner.

Unemployment or a change in working circumstances within the family at this time can significantly influence the age a person can retire as well as their plans to pay off any debt before they stop working.

In a bid to support workers of any age who are worried about money and debt, Age Scotland has launched a free debt management webinar with Johnston Carmichael, Scotland’s largest independent firm of Chartered Accountants and business advisers.

Debt can take many forms and sizes, from store cards and credit cards to mortgages and loans and no matter how big or small, the webinar could help provide practical advice.

The online session which can be attended anonymously covers the various types of debts and how they can be managed, either by yourself or by enlisting the help of professional organisations such as Johnston Carmichael who can offer advice for free.

For more information about the webinar, please email workshops@agescotland.org.uk or visit www.age.scot/planningforyourfuture