Financial advice 'lacking' for poorer over 50s

Over 50s with lower incomes may be facing obstacles to gaining impartial financial advice, according to a new report.

Research by the independent charity network Citizens Advice has revealed that many older consumers on lower incomes are finding it difficult either to pay for or to find sources of the financial counsel they may need.

Teresa Perchard, director of policy at Citizens Advice, described the situation as "worrying", stating that the lack of access to advice meant that many over 50s may be struggling with financial situations which are not necessarily simple.

She said: "Many of the clients have complicated enquiries about their mortgages, pensions or questions about equity release. There is nowhere impartial for them to turn at the moment."

Last month, Standard Life called for greater flexibility in UK pension provision amid fears that a lack of over 50s finance options is causing potential savers to become alienated.

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