KBO-PCOB: Stop credit restriction purely on the basis of age

Asia's Tech News Daily

KBO-PCOB: Stop credit restriction purely on the basis of age

From late September to late November 2021, the hotline received hundreds of reports of financial age discrimination cases. Relatively the largest number of reports (40% of the notifiers) concerned age discrimination in the event of overdraft. 39% of respondents experienced age discrimination with the credit card and 13% experienced age discrimination with a personal loan/consumer credit. The average age at which the respondents in question are confronted with discrimination is around 69 years old. The other reports mainly concerned age discrimination when taking out a life or car insurance policy, when taking out a mortgage, when leasing a car privately, when paying afterwards at an (online) store, when using telephone credit.

Age limits

Various respondents filled in the age limits communicated in their direction by the financial service providers. The stated ages vary considerably, but for being in the red, there is a clear peak at the age of 70. An age limit of 75 is often mentioned for a credit card, although an age limit of 65 or 70 is also regularly mentioned. For personal loans, the limit is usually between 70-75 years.

Majority judged solely by age

With regard to both the overdraft and the personal loan, no fewer than 84% of the reporters indicate that they have been assessed solely on age. For the credit card, 67% has been assessed solely on age. Many financial service providers indicate that they give substance to their care light by limiting credit options for seniors. However, the banks do not take the older customer seriously in this way. Gusta Willems of KBO-PCOB: “By categorically discriminating against people on the basis of their age, financial service providers are taking it too easy. Anyone who really wants to take care of the financial well-being of seniors will have to test them against their actual personal financial situation.”

Impractical and objectionable

Seniors don’t necessarily always get into trouble when they experience financial ageism. In the event of an overdraft, this occurs in 17% of the reporters, in the case of a credit card at 30% and in the case of personal loans at 27%. Nevertheless, it is very inconvenient if seniors can no longer rely on financial services, quite apart from the fact that this age discrimination is also objectionable for reasons of principle. An important example of situations where seniors do get into trouble are payments for travel and vacations that require a credit card. It is also impractical for people if they can no longer be in the red for a few days if they have to pay something in advance while waiting for the receipt of their monthly income.

Mandatory policy needed

The results of the reporting center bring the KBO-PCOB to the attention of members of the House of Representatives Committee on Finance, which will debate financial markets on 8 December. KBO-PCOB wants outgoing minister Hoekstra to abandon his laconic attitude and to enter into compelling talks with the financial sector about stopping age discrimination, if necessary with new legislation as a big stick.

KBO-PCOB: Stop credit restriction purely on the basis of age
Source link KBO-PCOB: Stop credit restriction purely on the basis of age

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