Financial education for an ageing population

Abstract

The issue of financial education and the need for its provision has been the subject of much research and analysis. A group particularly in need of financial education is elderly people. They constitute a growing and increasingly active group of customers for financial services, having specific expectations with respect to banking products and financial institutions. Still, many elderly people are at risk of financial exclusion. Although they are becoming increasingly accustomed to using banks, their level of use of financial services in general remains low. Possible reasons for this include insufficient financial education or the inappropriate form in which it is provided. This article analyses the activity of elderly people in the financial services market, as well as the problem of financial exclusion and the role of financial education in preventing it. Certain issues relating to the financial education of elderly people are identified, and solutions are proposed.