Death of the cheque could leave elderly vulnerable

17/12/2009

It may have been coming for some time, but the death knell will finally ring for the cheque book in eight years' time.

The announcement came yesterday from the Payments Council, who said that there are "many more efficient ways" to transfer money in the 21st Century.

Nonetheless, the news received a mixed response from consumer groups.
Campaigners at Help the Aged and Age Concern feel that the decision will leave "millions of older people worrying about how they will manage their finances".

Research from the charity shows that 6.4 million people above retirement age have never used the internet, and they argue that many elderly people will struggle to adapt to more modern payment methods.

The group also expressed concern that the move could lead to a greater risk of theft and financial abuse.

As a result, they have called upon the Payments Council to find a viable alternative for older people by October 2018 – when the cheque will become obsolete once and for all.

EuroDebt has a large number of clients that still make payments by cheque, many at Post Office counters and by post.

According to director, Kevin Still, the firm's clients "want the flexibility of paying when they can, rather than being forced down the route of setting up direct debits or standing orders".

• Share
• 
• 
• Store
• 
• Follow
•