Equality Bill could target 'silver savers'

The government's Equality Bill could outlaw savings accounts aimed at over 50s, the Building Societies Association (BSA) has warned.

The bill, due to have its second reading in the Commons on Monday, could prevent banks and building societies from offering savings accounts aimed specifically for older customers as it could be considered age discrimination.

But this would be the worst possible time to scrap these products, which often offer higher interest rates than other accounts, the BSA said.

Adrian Coles, director-general of the BSA, said: "It concerns us that this legislation could result in the loss of an account that meets the important social need of older savers.

"Whilst we support efforts to outlaw unjustifiable age discrimination, we believe these accounts - like children's accounts - have a legitimate role to play."

The BSA added the government had recently recognised the over 50s group needs help as savings rates fall, by increasing the ISA limit for those over 50 ahead of the rest of the population.

"We would like assurance that the future of the silver saver account will not become uncertain and that this type of product be exempted from the legislation," Mr Coles added.

The accounts for 'silver savers' often advertise higher interest rates and provide a straightforward service with a regular income, the BSA said.

Baby-boomers most efficient at cutting energy costs during recession

Over 55s are 25% more likely to shrink their monthly bills by being energy efficient than the younger generation, according to a new survey from Opus Energy, an independent electricity supplier for UK businesses.

The survey asked over 500 people about the energy saving steps they take both at home and at work. The findings showed that when it comes to tightening belts the “baby boomer” generation are way ahead of younger generations. Having lived through two recessions and grown up in post-war Britain, the over 55s are well versed in making those small steps that add up to real financial savings.

The results showed that the over 55s are well versed at making efficient use of modern technology. In the workplace, the baby boomers are three times more likely to switch off phone chargers when not in use.

The baby-boomers also have the most ‘efficient’ tea breaks at work with more than half the over 55s (55%) taking care not to boil more water than they need each time compared to under a third (27%) of under 25s.

Even though two thirds (66%) of young Brits claim they are switching to energy saving bulbs to help curb costs at home, a staggering nine out of ten (88%) over 55s said they had already made the energy efficient swap.

Under 25s were also more likely to think that making a business or a home energy efficient would increase its running costs. But as the baby boomers are clearly demonstrating, when energy costs are high and belts are tightening, small energy saving steps can be enough to equate to big savings.

Louise Boland, Director at Opus Energy said:

“It’s clear that having lived through two recessions, our older generations are more adept at taking steps to save on their energy usage to cut their bills. What is interesting is that the older generations have really embraced the energy saving benefits of modern technology, to an even greater degree than their younger counterparts."