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On the 12 July the Payments Council announced that cheques will stay for as long as customers need them. This is great news for the three quarters of people over 65 who use them.
Age UK’s Policy and Campaigns Teams have been working closely with older people, Partners and Forums to ratchet up pressure on the banks and we are pleased that we have achieved such a positive result.
Payment systems are like utilities: you don’t appreciate them until you don’t have them, and when they’re gone you’re in trouble.
This is why older people responded so strongly to the proposal to withdraw cheques. It was a proposal to withdraw a facility which is essential to their ability to live safely and independently in the modern world. Our research showed that without cheques older people would be increasingly forced to rely on cash to pay
However this is just half the story. The Payments Council is right that there need to be new and improved methods of paying.
Our recent research showed that, even with cheques, many people with bank accounts are effectively unable to make payments safely and independently because they do not have systems which meet their needs. Nearly 1 in 5 people aged 65+ use someone else to withdraw their day to day spending money.
Older people told us they had no alternative but to trust people with their PIN because of mobility, dexterity and other physical impairments. 11% of people aged 75+ who have a Chip & PIN card do not find it very easy to use.
Age UK will therefore continue to work with the Payments Council and banking industry to ensure that the UK offers banking services and payments systems that are fit for the 21st century and meets the needs of all those who will live in it.
For more information, please contact campaigns@ageuk.org.uk.
Download our report 'The Way We Pay: Payment systems and financial inclusion' (PDF, 2MB)
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