Society and Age UK help save millions for older people
Yorkshire Building Society has raised more than £750,000 to fund Age UK’s Building Better Lives programme launched last year
Age UK has supported more than 2,500 older people through the programme and identified over £4 million worth of benefits that older people were entitled to but not claiming
Due to the current cost of living crisis, for many this extra income will be life changing
Yorkshire Building Society and Age UK are celebrating the one-year anniversary of a two-year project that has supported thousands of older people and helped them save millions of pounds.
Last year, thanks to funding from the mutual, Age UK launched its Building Better Lives programme to support older people to become more financially resilient.
So far, Age UK has supported more than 2,500 older people and identified over £4 million worth of benefits that older people were entitled to but not claiming. For many, this extra income will be life changing.
The charity partnership between Yorkshire Building Society and Age UK aims to raise £1 million to fund Age UK’s Building Better Lives programme, to help more than 4,700 older people over two years and strengthen their financial resilience by providing one-to-one support as they encounter key life events that can have a significant impact on their financial situation, such as the loss of a partner, a care diagnosis or having to move to a new house.
Pauline Giroux, senior manager for social purpose and sustainability at Yorkshire Building Society, said:
We are really pleased that we’ve been able to support more than 2,500 older people in the first year of our funding of the Building Better Lives project. We know that Age UK has been able to make a life changing difference to these older people through unlocking extra income as well as helping them to be better prepared, more financially resilient and to look to the future with hope.
The current cost of living crisis has intensified what was already a dire situation for thousands of vulnerable older people that have been more affected by the coronavirus pandemic. Which is why we are so proud of our partnership with Age UK, ensuring that older people facing challenges have someone to turn to in a time of crisis.
Currently, 2.1 million older people in the UK live in poverty and thousands more struggle with money. With older people facing a very challenging time at the moment with the rising cost of living, particularly the increase in energy prices, those most vulnerable are struggling to make ends meet, meaning this support is needed more than ever.
Hannorah Lee, director of partnerships at Age UK, said:
At Age UK we’re hearing more and more older people tell us they are worried about money and struggling to get by, with the rising cost of living having a huge impact on older people’s finances. Through this project we will be here for thousands of older people at really pivotal life moments when they’re most vulnerable of falling into financial crises. Through our expert information and advice at these critical moments Age UK will help older people get the support they need, make informed choices and put a good plan in place for the future – helping to build their financial resilience. We can only do this thanks to the support of Yorkshire Building Society.
Since the start of the partnership, the Society’s colleagues and members have raised more than £750,000 to help Age UK be there for older people across the country.
The Building Better Lives project is supporting people in communities across the UK, including Blackburn with Darwen, Bradford, Carlisle & Eden, East London, Gateshead, Gwent, Scotland and Sutton.