Mass media communication

The more we deal with issues relating to the in my prime market, the more it becomes apparent that a great deal more education and information is required to help people plan and prepare for the latter decades of their lives. Traditionally this has been viewed as “pre-retirement planning” or has come from government or charitable organisations striving to “help” the elderly to manage better. Whilst these initiatives are all well and good, there is still a gaping hole in respect of what the “young old” need to know about the preparations we should all be making for the future.

A recent report from retirement housing developers Dunwood Court revealed that older people worry about their futures, but most do not actively plan for the time when they will become less able. In fact more than half of us are likely to die without even writing a Will. Whilst some might put this down to active complacency, we believe that it results from a lack of awareness of some of the issues and the possible actions that could be taken in order to ensure a smoother and more comfortable transition into true old age. Okay we might not know exactly what is going to happen to us, but there is a reasonable degree of certainty in respect of certain aspects of ageing.

Happily we are frequently asked to contribute to radio programmes concerning aspects of ageing (recent events include slots on Radio City 96.7 and Talk Radio Europe) but these tend to relate to discussions about a particular topic which is currently the focus of media attention. What we would like to see (and be involved in) are programmes which more seriously question and debate issues around what it means to grow older in today’s society and what innovative approaches might be taken to helping people take greater responsibility for their own futures. Any takers anyone?

Saving for retirement – the biscuit tin approach

Hardly a day goes by now without another piece of depressing information about the state of the nation’s pensions. In the last few days alone we have seen more defined benefit schemes closing, more reports on the lack of savings that individuals are making particularly during the recession, and soaring bankruptcy numbers among pensioners. One report, highlighting the fact that many are now unable to foresee when they might retire or how they might have adequate savings to live on, has  coined the term “baby gloomers”  to describe the plight that people feel they are in.

The advice that comes from the financial industry is plentiful but very self-serving: “save more for a pension”; “release some equity from your home”; “tuck your money away in an ISA”; “invest in buy-to let”; and more. The government believes that the answer lies in personal accounts which everyone will flock to in a few years’ time – we will see.

Many people, knowing their savings are insufficient but not by how much, would like to work longer, certainly past 65. Yet the government is still dragging its heels in a most extraordinary fashion. This is despite the fact that change is inevitable. The state pension age will be increasing to 68 in the coming years but the default retirement age is currently 65. What are people going to do –starve for three years? One glimmer of hope that the recession is providing is that firms are beginning to see the futility of redundancy as an answer to their problems and are looking at more innovative ways of managing the current problems with flexible arrangements, part-time working, sabbaticals etc. all now featuring. These are also ideal tools for dealing with an ageing workforce.

However, the first problem that must be addressed is one of awareness. There is, in the country as a whole, an order of magnitude lack of understanding among people of all ages as to exactly what it takes in financial terms to retire in some form of comfort. A fundamental and far reaching “reality check” is needed to reconcile the aspirational dream of an interesting, financially secure retirement with the ongoing provision that individuals are making through their working lives.

Retirement financial planning involves running up a store of wealth, retiring, and then running it down again over the course of the rest of our life – as simple as that. Building up a retirement pot is very much like tucking money away in a biscuit tin each week to save for Christmas – except Christmas may last twenty years or more.

For more see  Saving for retirement – the biscuit tin approach

He who knows not…..

As may be seen from our own approach here at in my prime we firmly believe that internet access and online activity is not only the future but is already the present. Accordingly, we very much welcome the Government’s Digital Britain Report and initiatives such as NESTA’s “Reboot Britain”.

It is, therefore, rather disconcerting to see in research carried out for Ofcom that not only is there a significant minority who do not have the internet but that many of them, particularly older people, have “self-excluded” themselves and do not see the need nor the value in getting to grips with the new technology.

We are now in a transition phase and many elderly people did not work in or were not brought up in a computerised environment. Their attitude is at least understandable. The learning curve for them is particularly steep – although that should not, in itself, be an excuse. I have experience of trying to help someone make the transition and there is much that can be done by the computer industry to make the experience easier for the elderly – core programs only, spam-free, virus-free, pop-up free, update restricted etc. etc.

But for those over 50s who have not yet reached this stage in their lives there is no excuse. Whether it be employability, keeping in the social mainstream, access to information, finances, improved purchasing power or a host of other uses and benefits, being connected is of paramount importance. Otherwise a truly second class citizenship will emerge and is already doing so.

Every encouragement, incentive and opportunity must be provided to bring people aboard. This is not another example of a nanny state telling us what is good for us and restricting the freedom of the individual – people must not be allowed to shy away.

He who knows not and knows not that he knows not is a fool; avoid him.

He who knows not and knows that he knows not is a student; teach him.

He who knows and knows not that he knows is asleep; wake him.

He who knows and knows that he knows is a wise man; follow him.

Ancient Proverb

Dumb, depressed and drunk?

An interesting piece of research floated past the radar this morning. Apparently a recent University of Michigan study of several thousand “seniors” found that those in the US performed significantly better than their counterparts in England on standard tests of memory and cognitive function. The study is the first known international comparison of cognitive function in nationally representative samples of older adults in the United States and England. It revealed that the overall difference in cognitive performance between the two countries was quite large – approaching the magnitude associated with about 10 years of ageing. In other words, the cognitive performance of 75-year-olds in the U.S. was as good, on average, as that of 65-year-olds in England.

The reasons why this may be are numerous and require further investigation. However the indicators are that a number of factors may play a part: First, higher levels of education and net worth in the United States accounted for some of the better cognitive performance; second, U.S. adults reported significantly lower levels of depressive symptoms than English adults (unlike Brits, they seek medication if they are depressed), and this may have accounted for some of the U.S. advantage in brain health since depression is linked with worse cognitive functioning; and third, significant differences in alcohol consumption between the U.S. and English seniors may play a role with more than 50 percent of U.S. seniors reporting no alcohol use, compared to only 15.5 percent of English seniors. Previous research has shown that moderate alcohol consumption, compared to abstinence, is linked with better cognition among those aged 50 and over.

Interesting links and interesting messages. Okay, maybe we can’t do much about our existing levels of education and net worth in later years, but keeping the brain active, keeping involved, interested and in the mainstream to stave off depression (and perhaps seeking treatment if it does occur), and cutting back on alcohol are all things which are possible and achievable. If it helps keep the brain ticking over that much better in later old age surely it’s got to be worth the effort.

More about the study at http://www.newswise.com/articles/view/553659/

Mexico opens University for the Elderly

Interesting news that Mexico, where by 2010 10% of the population will be over 60, has just opened a University for the Elderly. The move is in recognition of the fact that, according to the accompanying news release, “the elderly in Mexico remain largely marginalized”.

Whilst this appears a great move and definite marker for the fact that the over 60s have the capacity and interest to learn, one hopes that the underlying tenet isn’t one of creating a playground for the old – albeit on a higher intellectual plain than most of the “beneficial” activities created for the good of the elderly.

Fortunately the curriculum appears reassuringly solid: maths, French, economics, finance and accounting, history, philosophy, law, music appreciation and IT skills. Alongside this will be special courses on topics such as emotional intelligence, the psychology of the elderly, violence and depression, self-esteem and free time management.

Certainly a case of watch that space. If the Mexican University delivers all that it might it could represent a valuable role model for other countries to follow. In the UK we have the University of the Third Age about which little is heard, and toward which one suspects, little status and respect is granted. It could do more. If nothing else we need such institutions to drive the prominent message that older people can learn, still have value and can look forward to an interesting and stimulating period of later life.

Pension Reform and Personal Accounts after the Credit Crunch

Last Tuesday (24^th March) the International Longevity Centre-UK (ILC-UK) and the Actuarial Profession hosted a Joint Debate at the Institute of Actuaries in London on aspects of pension reform and personal accounts and the implications of the current credit crunch.

Chaired by Baroness Sally Greengross and introduced by a speech from Nigel Waterson MP, Shadow Pensions Minister and Shadow Minister for Older People, the 2-hour session was remarkably interesting (if you’re into that kind of thing) and was extremely well-attended, mostly by people from within the pensions, actuarial and financial services industry.

As this was a debate mainly consisting of people inside the industry “looking out” there was a substantial element of “preaching to the basically converted” and much of the debate was about the “how” of saving for one’s old age and whether this did the trick. There was, therefore, a lot of comment regarding what one might consider to be the technicalities of structuring and operating a pension scheme. Also, running through, was the (unsupported) hope that people would move away from property as the means to save and back towards pensions.

In this latter respect research by the Pensions Policy Institute, represented by Niki Cleal, was particularly revealing. Her comment was, in a nutshell, that those who saved probably saved across the board, that is pensions, property and ISAs etc., in contrast to those who probably had little of any. This is not a case of substitution and changing asset allocation.

Rather, we believe,  this is due to:-

1)       the lack of sufficient resources for people to be able to save at the current time, or possibly any time

2)       the phenomenal lack of understanding, generally, of what it will take to support oneself in old age in an appropriate style and over an extended and growing potential lifespan.

It is, therefore, the “why” people need to save that must also be addressed. There is an enormous educational task to be undertaken among the population in general and, until this is carried out, even the best designed schemes will have difficulty in succeeding. But all this is manageable given the will.

We are not talking deckchairs, shuffling, Titanic…yet.

1% into a third of the population… just doesn’t go.

According to a recent report commissioned by the Independent Inquiry into the Future of Lifelong Learning only 1% of the UK’s national education budget is currently spent on the oldest third of the population. This is despite the fact that there are now more people over 59 than under 16 and that most people can expect to spend a third of their lives in retirement.

Yet in the current economic climate everyone needs to continue learning. One of the commonest stereotypes we have to face is that older people are resistant to learning and slow to learn yet research studies repeatedly show these fallacies to be inaccurate and unfounded. What is true is that in the workplace or outside of it, older people actively want to learn but are offered comparatively few opportunities to do so – particularly in key skill areas such as technology.

The report comments: “Although everyone’s quality of life depends on the economic productivity of ‘working age’ adults, it does not follow that the maximum good of the population as a whole is served by focusing everything on paid employment and young people. Even if it is right for the bulk of public funding to be spent in this way, government needs to consider how the other kinds of learning need are to be met, and to ask whether 1% of the public education budget is a proper share to tackle the learning needs of a third of the population.”

Whilst applauding this statement, it surely misses the point that the upper third of the population is currently and increasingly going to represent working (or trying to work) people. That 1% must be increased if for no other reason than that.

Good practice in managing age diversity

Attended an interesting and informative conference yesterday on Developing Good Practice in Managing Age Diversity in the HE Sector organized (very capably) by The Centre for Diversity Policy Research and Practice at Oxford Brookes University.  (See more at    http://www.brookes.ac.uk/services/hr/cdprp/age/index.html )

As was expected the delegates largely comprised HR professionals from other universities keen to learn from the research findings being presented and to benefit from the opportunity to share ideas. As the day progressed it became evident from the content and level of discussion that in many ways higher education institutions lag behind the private sector in their approach to managing age diversity. Although the general climate was redolent with good intentions, much remains to be done.

On many occasions and in many environments in the past I have been struck by how organizations fail to capitalize on their own talents, thereby missing out on the opportunity to lead the field and make a mark. In this instance it led me to wonder why, when most Universities have management schools, their support structure makes so little use of them.

The majority aren’t undertaking specific research into age diversity but on a wider platform effective management is their business. So why aren’t academics more closely involved in theory application? Why don’t practitioners involve them? Why aren’t they themselves generally more interested in ensuring that their own organization represents management excellence? Why aren’t HE institutions leading the field in managing age diversity?

Cobbler’s shoes, I guess.

Though would you trust a hairdresser with a really bad haircut?