Your Money Matters

Barclays has donated £1.8million to the Help the Aged ‘Your Money Matters’ programme. It provides basic money management and debt advice to older people and their carers through 17 individual projects across the UK.

The projects help to improve their knowledge, skills and confidence about managing money. They also raise awareness of the issues of older people and debt.

The information and advice provided in sessions range from basic budgeting to understanding how Chip and PIN works. They also cover opening bank accounts, negotiating with creditors and helping older people claim benefits.

Barclays employees volunteer their time at the programme’s money management sessions. If individuals require specific financial advice, they can access professional debt advisors through the programme.

Up to 100,000 older people will also receive information and support through targeted publications and SeniorLine, a free welfare benefits advice telephone service.

 

Project targets

2,000 older people to receive money management and debt advice through one–to–one sessions with dedicated advisers.

10,000 older people to attend Your Money Matters group awareness sessions.

Reduce debt among this group by £1.1m.

Work with debt advisers and local charity partners to identify £1m of unclaimed benefits.

 

Impacts to date

2,500 older people have been helped with money management and debt advice through one–to–one sessions with dedicated advisors.

7,600 have been helped through Your Money Matters group awareness sessions.

Over £1.5m of debt has been written off.

Over £650,000 of additional benefits have been received by older people.

£450,000 of unclaimed benefits have also been identified through SeniorLine.

 

Mr O’s story

Mr O was referred to the Your Money Matters programme by a Macmillan/Citizens Advice Bureau benefits adviser. After his wife’s death in July 2007, he discovered that his wife had built up debts of £3,620 from credit cards and a catalogue account.

Mr O was upset and unsure about what he should do. His wife had not worked for 30 years and had no income or savings. Although he had £13,000 in savings in a joint account with his wife, this was due to a compensation award he had received for an industrial injury.

His adviser drew up pro forma letters for the client to copy out and send to his wife’s creditors with a copy of her death certificate, informing them that she had left no estate. All the creditors responded by writing off the debts.

 

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