Contents

Margaret Dibben Editor

THIS YEAR the baby-boomers start to turn 65 and join the 875,000 UK citizens who already have. The Department for Work and Pensions reckons that ten million people who are alive today will live to 100, including 1.3 million people who are already aged between 51 and 65. This will be a substantial and vociferous force of people. It needs to be to make sure older people get their due share of resources and benefits.

The outlook does not look good at the moment as it is difficult to see any bright side on the financial front. Savings rates are still belt-tighteningly low, inflation is threatening, we have to work longer to earn a pension which won’t increase by much, and local authorities are cutting front-line services. Fraud is a growing threat both to our finances and to our very identity.

We must stay alert to make the most of our money and keep it safe.

OLD MONEY OLD MONEY OLD MONEY OLD MONEY OLD MONEY OLD MONEY OLD MONEY OLD MONEY OLD MONEY

4 Small Change Independent financial advice from the Fat Cats at Oldie HQ

6 A life legacy Diana Wright on charitable legacies

8 All in it together? Paul Lewis on why older people are bearing the brunt of the cuts

11 Down the back of the sofa Margaret Dibben explains what to do with a surprise find or two

12 Fraud and falsehood These crooks are clever. Tony Hetherington recounts some recent scams

15 ‘My First Diary’ by George Osborne William Keegan

16 Alternative investments Three experts give their top tips on wine, books and alternative energy

19 Let’s cool off! Annie Shaw explains your coolingoff rights

20 All about Ernie Premium Bond winning numbers really are random, thanks to Ernie. By Margaret Dibben

20 Where there’s a will... Margaret Dibben on the important difference between a mutual will and a mirror will

22 An odious comparison? The ins and outs of comparison web- sites, explained by Margaret Dibben

25 Kings of the high street Pawnbrokers have become very popular indeed, says Margaret Dibben

26 Olden Life What were banks? By William Keegan

27 Modern Life What is pfeg? By Margaret Dibben

30 Fact or fiction? Margaret Dibben myth-busts

PUBLISHED BY

Oldie Publications Ltd, 65 Newman Street

London W1T 3EG www.theoldie.co.uk

Assistant editor: Sonali Chapman Design: Joe Buckley, Matt Ward Sub-editor: Deborah Asher Advertising: Lisa Martin, Corin West, Azmi Elkholy For editorial enquiries, email editorial@theoldie.co.uk To advertise in The Oldie call Lisa Martin on 020 7487 8405

In association with

A MONG T H E C O N T R I B U T O R S

DIANA WRIGHT

is a financial journalist who has been writing on money matters for the Sunday Times for the last 25 years. She currently runs a column answering readers’ letters and resolving their problems.

She is also joint author of a book on the SS Great Britain, the Brunel ship rescued from the Falkland Islands and now restored in Bristol.

PAUL LEWIS

A prizewinning freelance finance journalist and broadcaster (Money Box, BBC Breakfast, Saga, etc.), Paul Lewis is also an authority on Wilkie Collins. He tweets as paullewismoney and thewomaninwhite. Every word he has written or spoken professionally back to 1996 is available for insomniacs on his website paullewis.co.uk

TONY HETHERINGTON

After a misspent youth in the Inland Revenue, Tony Hetherington found legitimate employment as ITN’s first dedicated financial journalist, working for Channel 4 News. He introduced the idea of newspaper financial agony aunts 30 years ago, and since 1994 has written for the Mail on Sunday, investigating scams as well as straightforward consumer grievances.

COVER ILLUSTRATION BY STEVEN APPLEBY