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Financial Products

Different opinions and research into new financial products specifically targeting senior citizens are exchanged. Market studies and R&D on meeting the economic needs of senior citizens in terms of longevity and the healthy and secure ageing of the population are also discussed.

Workshop proposal No. 5 (Andalusia): Financial Products and Services beyond 60

Background

For obvious reasons, the needs and demands of the elder generation in terms of financial products and services, economic security, comprehensive health care and so on, are very different from those generations beginning their working life or with a long working life ahead. They are concerned with securing health and wellbeing for the remainder of their lives, they also want to enjoy their savings and the fruits of decades of a working life, but, at the same time, not run the risk of being left without nothing before the time has come. While some are, only as a second priority, also looking at the possibility of leaving something behind for their heirs, for others this is an essential element of the administration of their property.

Any financial product or service offered to this target group must ensure to strike a balance between these conflicting interests. Market research shows that in some countries, older people have not yet been detected as a group with particular needs. They are often considered as consolidated clients and, therefore, not especially targeted as new clients.

The retired, moreover, increasingly consider establishing a second residence abroad or at least spent considerable amounts of time abroad. This life in two or more countries brings about additional complexity when it comes to planning and administering personal finances, e.g. in regard of cross-border social security services, inheritance, banking transactions etc.

Objectives and results

Experts, institutional and industry representatives would have an opportunity to improve their knowledge on the particular psychology of the elder generation in the triangle of interests (Enjoy – Secure – Leave Behind) mentioned above. On an international platform they can exchange ideas on how best to respond to those needs and demands from the side of financial, banking and insurance companies, possibly in cooperation with the public institutions that serve this generation.

Possible VIP Session Output

Tangible results of the workshop could consist in:

• A series of client profiles for financial, insurance and health care products

• A catalogue of quality standards that meets the special requirements in this field for elder people

Identify existing instruments and propose the creation of additional means to overcome issues arising from globalisation tendencies in the life planning of elder people.