Financial Capability Strategy Older People in
Financial Capability Strategy Older People in Retirement Steering Group Minutes Date: Time: Location: Chair:
Tuesday 11 July 2017 10.30-12.30 MAS offices, 120 Holborn, London, EC1N 2TD Jane Vass
Attendees | Jane Vass, Age UK (Chair) | Ali Hawker, Centre for Ageing Better | Gary Millner, Tax Volunteers | Jane Finnerty, SOLLA | | John Shearer, TPAS | Anita Wadhawan, Department of Health | Gavin Terry, Alzheimer’s Society Apologies Alan Nicholls, Lloyds Banking | David Sinclair, ILC | Elizabeth Dumergue, TSB | Victoria McLoughlin, FCA | Christopher Quince, Barclays | June Deasey, CML Money Advice Service attendees Mike Reddaway, Policy |Steve Stillwell, Financial Capability | Julie Mirfin, Financial Capability 1.
Welcome
1.1
The chair welcomed the group and set out the focus of the meeting. The minutes were approved & actions agreed
2.
Knowledge Sharing Session
2.1
VM from FCA presented the FCA’s ageing population presentation, FCA considered the ageing populations and consumer vulnerability
2.3
The FCA looked at a variety of work streams and considered the issues. The report will publish its findings later in the year
2.4
CML, to share what good looks like in later life
2.14
SS explained that MAS have identified a small pot of money to do some work around what this looks like in later life but explained MAS not taking the lead, Age UK managing
2.15
SS continued to explain that MAS will help inform the focus groups to find out what questions to ask. The survey is to be run in 2018. This piece of work will inform what we want to ask and that work will start quite soon as we want to use some of Fincap week to share the data that comes through with a final report expect at the end of the year. it was explained that templates of questions to reflect the broad spread of the populations was being produced and that expert advisors were being used to produce the work. It was explained that this will fit in with the capability framework. Previous research not necessarily relevant for older people as traditionally older people didn’t borrow
2.16
2.17
It was also explained that a group of 70 year olds were paying into pensions scheme not for themselves bur for their children.
2.18
The group discussed the differences between the ages with this group and it was mentioned that there was a big difference between 65 to 75 age group and the 90-year-old age group in terms of their mindset
Minutes OPiRSG 20170322
1
2.19
2.20
JV felt the framework may have to be expanded to consider the different age and wealth groups and could also segment in a variety of ways to include culture and ethnicity. SS felt this group could champion the different groups and not clump everything into one 65+ bracket
3.
Action Plan – updated plan and next steps
3.1
SS explained the principle of the Fincap strategy and the idea of bringing together a wide range of organisations, ie the other themed steering groups. He explained for each of the 6 areas there were action plans. SS clarified that the OPIR was developed and published on the FinCap website.
3.2
SS explained SG will review their action plans every quarter and will look at how they are progressing against the plans, if there are any gaps in the analysis. They will also review the focus areas and new activities. SS also explained that all future meetings will reflect the action plans
3.3
The group discussed the signposting on various websites to aid people in getting the information they are searching for. It was felt the ultimate outcome for the OPIR would be to create a direction of travel that would best suite their financial needs
3.4
JV explained that Age UK was doing more work on segmented groups who in theory should be quite miserable with their situation but were actually quite upbeat.
3.5
JV explained that Age UK were doing research around budgeting Action: JV to bring this research to the group Action; between now and the next SG meeting SS to catch up with everyone individually to discuss their organisations plans
4.
Fincap Week
4.1
FH explained that work is currently underway on the 2nd Fincap week. She explained the week was to support the FinCap strategy and clarified that the strategy was too big for one organisation and that it needed collective support.
4.2
FH informed the group of the need to create a platform for other organisations to promote what they are doing for Fincap week & wanted each organisation to amplify through business to business and get more people to talk about money using all different platforms including social media explaining the broad objectives of this was to raise the profile of FinCap week, increase organisations participation & influent the wider network
4.3
FH explained the core asks were to get their communities to take part and be involved in the conversation & to commit to improving the Fincap work, enlightening the group that there were participations packs to assist them.
Minutes OPiRSG 20170322
2
4.4
The group felt they would like to be involved and have an event & would be in touch with SS to get some ideas together and organise an event.
4.5
The group also discussed CIIs publication on Women and Risk.
4.6
FH asked for any questions on the wider work of the UK Strategy or on work underway in other themes. She flagged analysis about to be published relating to Children & Young People using data from the British Cohort Survey 1970 to understand the childhood experiences of those with higher financial capability in later life.
5.
Strategy Update
5.1
SS gave an overview of the enclosure C, strategy update paper.
5.2
SS informed the group of other activities other SG groups are involved in, ie Young Adults approach was to focus on apprenticeships which led to the 100-day project within the group. SS explained that he would like this group to influence the movers and shakers within this field. He explained that the new CEO was meeting all the members of the Fincap Board.
5.3
SS also explained that their view of the strategy was important as the strategy is a key element of MAS’s work going forward into the new body
5.4
The group discussed further work that the other steering groups were involved in and it was mentioned that numeracy was not included in the OPIR
ACTION
JV to send round APPG maths and numeracy on aging
AOB
SS to be in contact with the members of the OPIR steering group on a one to one basis
Minutes OPiRSG 20170322
3
Older People in Retirement Steering Group Action Log Ref 30
32
47
48 49
50 51
52
53
Action MAS to share more information with the OPIR steering group on the composite measures and how the measures relate to older people. MAS to invite a representative of the behaviour change strand of the Joint Fraud Taskforce to a future meeting to discuss their work.
Owner MAS
MAS to circulate the Building Blocks publication with the minutes JD to share a contact at the FFA working on financial abuse JV to share Age UKs safeguarding protocol to include/reference in the guidance notes for the Outcomes Framework JV to share Age UK work on messaging re scams MAS to share the draft of the Outcome Framework, SG members to review and provide detailed comments. MAS to share fincap survey questions asked to older people
MAS
Complete
JD
End May
JV
Complete
MAS
Complete (see update)
AH & MAS to follow up discussions about joint support for the research
MAS & AH
Complete
Minutes OPiRSG 20170322
Date due ongoing
Update Complete – Building Blocks work circulated with the minutes
Future meeting (dependant on agenda)
Circulated with minutes
JV MAS
Will be shared before end May
Currently there is one question asked to respondents over 50: How much of a plan do you have for how you will pay for any long-term care you might need in old age? (with a response scale about how specific the plan is) Discussion took place – research proposal shared for comment with minutes
4
54
55
56
SG members to suggest projects or organisations whose work is relevant to the priorities in the plans and could contribute learning and understanding to the development of the plans. JD to share summary of initial findings to be circulated to the group with the minutes
SG
Ongoing
JD
Complete (see update)
FCA & CFAB to share more detailed updates at future meeting
MAS & VM & AH
11 July (or appropriate future meeting)
Minutes OPiRSG 20170322
Summary of research can be found here
5
Tuesday 11 July 2017 10.30-12.30 MAS offices, 120 Holborn, London, EC1N 2TD Jane Vass
Attendees | Jane Vass, Age UK (Chair) | Ali Hawker, Centre for Ageing Better | Gary Millner, Tax Volunteers | Jane Finnerty, SOLLA | | John Shearer, TPAS | Anita Wadhawan, Department of Health | Gavin Terry, Alzheimer’s Society Apologies Alan Nicholls, Lloyds Banking | David Sinclair, ILC | Elizabeth Dumergue, TSB | Victoria McLoughlin, FCA | Christopher Quince, Barclays | June Deasey, CML Money Advice Service attendees Mike Reddaway, Policy |Steve Stillwell, Financial Capability | Julie Mirfin, Financial Capability 1.
Welcome
1.1
The chair welcomed the group and set out the focus of the meeting. The minutes were approved & actions agreed
2.
Knowledge Sharing Session
2.1
VM from FCA presented the FCA’s ageing population presentation, FCA considered the ageing populations and consumer vulnerability
2.3
The FCA looked at a variety of work streams and considered the issues. The report will publish its findings later in the year
2.4
CML, to share what good looks like in later life
2.14
SS explained that MAS have identified a small pot of money to do some work around what this looks like in later life but explained MAS not taking the lead, Age UK managing
2.15
SS continued to explain that MAS will help inform the focus groups to find out what questions to ask. The survey is to be run in 2018. This piece of work will inform what we want to ask and that work will start quite soon as we want to use some of Fincap week to share the data that comes through with a final report expect at the end of the year. it was explained that templates of questions to reflect the broad spread of the populations was being produced and that expert advisors were being used to produce the work. It was explained that this will fit in with the capability framework. Previous research not necessarily relevant for older people as traditionally older people didn’t borrow
2.16
2.17
It was also explained that a group of 70 year olds were paying into pensions scheme not for themselves bur for their children.
2.18
The group discussed the differences between the ages with this group and it was mentioned that there was a big difference between 65 to 75 age group and the 90-year-old age group in terms of their mindset
Minutes OPiRSG 20170322
1
2.19
2.20
JV felt the framework may have to be expanded to consider the different age and wealth groups and could also segment in a variety of ways to include culture and ethnicity. SS felt this group could champion the different groups and not clump everything into one 65+ bracket
3.
Action Plan – updated plan and next steps
3.1
SS explained the principle of the Fincap strategy and the idea of bringing together a wide range of organisations, ie the other themed steering groups. He explained for each of the 6 areas there were action plans. SS clarified that the OPIR was developed and published on the FinCap website.
3.2
SS explained SG will review their action plans every quarter and will look at how they are progressing against the plans, if there are any gaps in the analysis. They will also review the focus areas and new activities. SS also explained that all future meetings will reflect the action plans
3.3
The group discussed the signposting on various websites to aid people in getting the information they are searching for. It was felt the ultimate outcome for the OPIR would be to create a direction of travel that would best suite their financial needs
3.4
JV explained that Age UK was doing more work on segmented groups who in theory should be quite miserable with their situation but were actually quite upbeat.
3.5
JV explained that Age UK were doing research around budgeting Action: JV to bring this research to the group Action; between now and the next SG meeting SS to catch up with everyone individually to discuss their organisations plans
4.
Fincap Week
4.1
FH explained that work is currently underway on the 2nd Fincap week. She explained the week was to support the FinCap strategy and clarified that the strategy was too big for one organisation and that it needed collective support.
4.2
FH informed the group of the need to create a platform for other organisations to promote what they are doing for Fincap week & wanted each organisation to amplify through business to business and get more people to talk about money using all different platforms including social media explaining the broad objectives of this was to raise the profile of FinCap week, increase organisations participation & influent the wider network
4.3
FH explained the core asks were to get their communities to take part and be involved in the conversation & to commit to improving the Fincap work, enlightening the group that there were participations packs to assist them.
Minutes OPiRSG 20170322
2
4.4
The group felt they would like to be involved and have an event & would be in touch with SS to get some ideas together and organise an event.
4.5
The group also discussed CIIs publication on Women and Risk.
4.6
FH asked for any questions on the wider work of the UK Strategy or on work underway in other themes. She flagged analysis about to be published relating to Children & Young People using data from the British Cohort Survey 1970 to understand the childhood experiences of those with higher financial capability in later life.
5.
Strategy Update
5.1
SS gave an overview of the enclosure C, strategy update paper.
5.2
SS informed the group of other activities other SG groups are involved in, ie Young Adults approach was to focus on apprenticeships which led to the 100-day project within the group. SS explained that he would like this group to influence the movers and shakers within this field. He explained that the new CEO was meeting all the members of the Fincap Board.
5.3
SS also explained that their view of the strategy was important as the strategy is a key element of MAS’s work going forward into the new body
5.4
The group discussed further work that the other steering groups were involved in and it was mentioned that numeracy was not included in the OPIR
ACTION
JV to send round APPG maths and numeracy on aging
AOB
SS to be in contact with the members of the OPIR steering group on a one to one basis
Minutes OPiRSG 20170322
3
Older People in Retirement Steering Group Action Log Ref 30
32
47
48 49
50 51
52
53
Action MAS to share more information with the OPIR steering group on the composite measures and how the measures relate to older people. MAS to invite a representative of the behaviour change strand of the Joint Fraud Taskforce to a future meeting to discuss their work.
Owner MAS
MAS to circulate the Building Blocks publication with the minutes JD to share a contact at the FFA working on financial abuse JV to share Age UKs safeguarding protocol to include/reference in the guidance notes for the Outcomes Framework JV to share Age UK work on messaging re scams MAS to share the draft of the Outcome Framework, SG members to review and provide detailed comments. MAS to share fincap survey questions asked to older people
MAS
Complete
JD
End May
JV
Complete
MAS
Complete (see update)
AH & MAS to follow up discussions about joint support for the research
MAS & AH
Complete
Minutes OPiRSG 20170322
Date due ongoing
Update Complete – Building Blocks work circulated with the minutes
Future meeting (dependant on agenda)
Circulated with minutes
JV MAS
Will be shared before end May
Currently there is one question asked to respondents over 50: How much of a plan do you have for how you will pay for any long-term care you might need in old age? (with a response scale about how specific the plan is) Discussion took place – research proposal shared for comment with minutes
4
54
55
56
SG members to suggest projects or organisations whose work is relevant to the priorities in the plans and could contribute learning and understanding to the development of the plans. JD to share summary of initial findings to be circulated to the group with the minutes
SG
Ongoing
JD
Complete (see update)
FCA & CFAB to share more detailed updates at future meeting
MAS & VM & AH
11 July (or appropriate future meeting)
Minutes OPiRSG 20170322
Summary of research can be found here
5
