Centre for Wellbeing and Quality of Life

Surviving the economic downturn

Page published 15 June 2010

Exploring older people’s experiences of the impact of the current financial crisis and ways in which they can be supported during these times of crisis.

This project has been awarded funding by the Institute of Chartered Accountants of Scotland (ICAS) and the Bournemouth University Foundation. It is a collaboration between the Older People, Children and Diverse groups (OPCD) programme of the Centre for Wellbeing and Quality of Life in HSC and the Business School.

Principal Investigator: Dr Sarah Hean Co Investigators : Prof Stella Fearnley (BS), Prof Steve Ersser (CeWQoL), Dr LeeAnn Fenge (CeWQoL), Louise Worswick (CeWQoL) and Dr Charles Wilkinson (BS).

Abstract

Little is understood of the impact of the current financial crisis on people’s general quality of life and well being or how best to deliver profit and non profit financial services that support people during this and future economic down turns. In particular there is little research on the financial experiences and capability of the older age group, a concern in light of the ageing UK population. Further, of the limited research that exists on the general population, there is reliance on superficial quantitative surveys with no in-depth exploration/follow up of the range of issues that exist and the reasons and processes behind these. This study addresses these shortfalls by exploring two perspectives. Firstly the study investigates:

The older person’s experiences of the current economic downturn.
The impact of the current recession on their wellbeing, with specific reference to its quality of life impact.
Perceptions of their current financial capability/knowledge and their information needs in this financial climate.
Services they currently access for financial advice and support, if any, and why or why not.
Preferences in the way financial advice and support should be delivered.

The study will secondly explore:

Perceptions of financial service providers regarding the financial capability needs of older people within the economic recession.
Whether, and how, these needs are being addressed by current service/advice providers.

These two perspectives will be compared and contrasted so as to create a series of recommendations whereby financial services, that include accounting services, may best address the needs of the ageing UK population during this and future economic down turns.

The research design comprises of 2 phases. Phase 1 explores the perspectives of the older person, through a qualitative approach using 30 semi-structured qualitative one-to-one interviews. The older population of the study will be defined as those individuals of retirement age (65+) and will be evenly represented by gender, rural versus urban location and socioeconomic status. In phase 2, exploring the perspectives of key advice/service providers, a series of 3 focus groups will be conducted with a range of financial service providers from profit and non profit sectors. Each focus group will be made up of 8–10 people.