A leading charity has expressed deep concern about the impact of the pandemic on older people's access to cash. The organisation, Age UK, is calling on the Financial Conduct Authority (FCA) to take action to ensure that these individuals have continued access to cash during this challenging period and beyond.
According to Age UK, many older people rely on cash for essential expenses, such as buying groceries, paying bills, and accessing public transport. However, the charity notes that the shift towards digital payments and contactless transactions has created significant barriers for this group.
Age UK has expressed particular concern about the impact of this shift on those living in rural or isolated areas, where access to digital infrastructure is limited. The charity has also highlighted the importance of cash in maintaining older people's independence and well-being, enabling them to manage their finances and engage with their communities.
In a letter to the FCA, Age UK has urged the regulator to take steps to secure older people's access to cash, including ensuring that high-street banks and retailers continue to provide cash services. The charity has also called for greater investment in digital exclusion initiatives, to help address the digital divide and promote financial inclusion.
The FCA has yet to respond to Age UK's call to action, but the charity remains committed to pushing for change. As the pandemic continues to have a significant impact on older people's lives, the need for action on this issue has never been more pressing.