A new £1m partnership between a building society and Age UK will help the charity create a programme to help thousands of older people facing financial difficulty.
The money raised by the Yorkshire Building Society during the two-year partnership will help the charity launch an initiative called Building Better Lives.
It will provide one-to-one support to help prevent more than 4,700 older people most in need from reaching a point of financial crisis.
It will also enable both organisations to help improve the financial resilience of older people across the UK.
The charity said there were 1.9 million older people in the UK living in poverty, and 40 per cent of older people anticipated their quality of life would be poor or very poor in the next six months.
Age UK will deliver the new programme in local communities, drawing on the expertise and reach of both organisations.
Steph Harland, chief executive of Age UK, said: “Through our network of local Age UKs, Yorkshire Building Society’s support will enable us to help almost 5,000 older people to be more financially resilient today and look to the future with hope.”
Mike Regnier, chief executive of Yorkshire Building Society, said: “The outbreak of coronavirus has intensified what was already a dire situation for thousands of vulnerable older people.”