Younger borrowers get better treatment, say the over 50s in the line of ageism

Ageism over 50 leaves millions of people feeling disadvantaged because they no longer have the same financial choices as younger generations

  • 2 in 5 people in their 50s have fewer borrowing options
  • 3/4 of octogenarians think they have much less access to financial services

Ageism towards the over-50s leaves millions of people feeling disadvantaged because they no longer have the same financial choices as younger generations.

A report by mortgage provider LiveMore found that two in five people in their 50s have much more limited options when it comes to borrowing money – experiencing problems with a wide range of services, especially when a credit card application, a bank loan or a mortgage.

And the problem is getting worse as people get older – more than three-quarters of octogenarians believing they have much more limited access to financial services than they had when they were younger.

Left Out: Ageism Against People Over 50 Leaves Millions Feeling Disadvantaged

Leon Diamond, Founder of LiveMore, says, “More needs to be done within the industry to provide financial support to those who need help, regardless of age.

“The sense of financial freedom you might have in your 40s suddenly stops when you hit 50. So it’s also wrong that young customers are allowed to sleepwalk into a more ageist world of limited choice without even knowing it.”

In its survey of 2,000 people, the report also found that the loss of financial choices for people in their 50s comes at a bad time – just when many are beginning to reflect on and regret the past financial choices they have done.

About three-quarters of respondents wish they had managed their money differently when they were younger – paying off debt earlier, for example – so they could save more in retirement.

The findings revealed that the industry fails to meet the needs of older customers as it largely ignores them – preferring to focus more on young people for savings and loans.

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