Research highlights awareness of issues among adults of all ages – even if they can’t agree when ‘old age’ begins
A large majority of adults in Ireland believe that older people are facing significant challenges – including loneliness and exclusion, inadequate healthcare, age discrimination, and lack of representation.
These are the findings of new research into Attitudes Towards Ageing[1] commissioned by later life lender Spry Finance. But while there is agreement on the challenges facing older people, there is considerable difference about when ‘old age’ begins, with those aged 18-24 believing the threshold is 63, while those aged over 65 saying it is 75. Across all age groups, the threshold for passing into old age in 68.1.
With the number of people aged over 65 forecast to reach one million by 2031[2], Spry commissioned market research undertaken by Opinions to ask 1,075 adults of all ages their views on issues facing Ireland’s fast-growing older population.
Asked whether they believe older people are disproportionally affected by loneliness and exclusion, 80% percent of respondents agree that they are. A similar number (79%) agree that there is a critical need for more advocates for older people and healthy ageing. Asked whether their age put them at a disadvantage in today’s society, 6 in 10 of those aged 55 or older agree that it does, while 73% of all respondents are keen to learn more about promoting positive ageing.
In relation to issues that might be a challenge for ‘older’ people, the research found:
- 87% of Irish adults believe that inadequate healthcare for seniors is a challenge for ‘old people’
- 84% believe that age discrimination is a challenge for ‘old people’
- 82% believe that lack of representation and influence is a challenge for ‘old people’
When it comes to the best ways for older people to ‘age well’, 70% said keeping mentally active was important, followed by comsuming a healthy diet (63%), engaging in regular exercise 62%, and maintaining relationships (58%).
It seems that certain perceptions about older people persist, with 50% associating frailty as with ‘old’ people and 46% saying they were old-fashioned. Just 25% believe older people are open-minded, and just 15% associate older people with being wealthy – although those aged under 45 are twice as likely as those over 45 to consider ‘old’ people wealthy.
Spry Finance is the sole provider of lifetime loans in the Irish market. The company currently offers four different types of equity release product and has written more than €150m in loans to 2,000 homeowners aged over 60 since launching in 2021.
Spry Finance CEO John Moriarty said it was encouraging to learn that the challenges of being an older person in Ireland are recognised by adults of all ages. He said: “The fact that we’re living longer and generally in better health probably explains why there’s a 12-year difference in perception of the threshold for old age – most people in their 60s and 70s simply don’t feel old.
“However, that doesn’t mean older people don’t face significant challenges such as social exclusion, access to healthcare, and age discrimination. It’s important for individuals, families and public representatives to understand the issues facing our older population so that, together, we can challenge negative stereotypes and act to ensure older people have the supports and services they need to lead a greater life in later life
About Spry Finance
Spry Finance, launched in 2021, is the retail arm of Seniors Money, an Irish-owned lifetime loan provider that has been operating successfully in Ireland since 2006 and has more than €400m of assets under management across its lending and servicing platform, and loan portfolios. The company is regulated by the Central Bank of Ireland (CBI) and is authorised by the CBI as a Retail Credit Firm. It is fully funded by a number of major international financial institutions including Canada Life Reinsurance. Spry Finance is a customer-focused company, providing older people with real options for living a greater life in later life. Keep up to date with Spry Finance news.
About Spry Finance Lifetime Loans
A lifetime loan allows people to release equity in their home – without having to sell it or move out – by borrowing a lump sum secured on the property. The property must have a value of €175k outside of Dublin or €250k in Dublin, and the amount borrowed is dependent on their age of the borrower; for example, a 60-year-old can borrow 15% of the house value, a 70-year-old can borrow up to 25%, and an 85-year-old could borrow up to 40%.
The borrower continues to own their home and does not have to make regular repayments; however, the interest is added to the loan each month, meaning the loan balance grows over time. As the interest rate is fixed for life at the beginning, there is certainty about what size the outstanding loan balance will be at any time in the future. Borrowers can choose to make monthly or periodic interest payments (with yearly limits) to manage the loan balance over time.
[1] Attitudes to Ageing by Opinions, July 2024. Representative sample of 1,075 adults of all ages
[2] Source: CSO M1F2 model projection
