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How To Learn Age Friendly Banking?

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Fintech 4 Longevity
How To Learn Age Friendly Banking?

Longevity literacy is all about how aging affects economic policies. An aging population will need banking, finance, and insurance services at the next level.

 

Every country is dealing with an aging population. People are aging decently. Medical advancements have made it possible to lead a healthy and happy life for as long as you can take care of your health. But aging isn’t only about health. It is about everything including longevity literacy, income, investments, and finance. 

 

Let’s understand the concept of aging in an economy with examples

 

A person lives for a fairly long time. The first thing, they will need is education. They need to stay updated to play a crucial role in the economy. But things won’t stop here. The aging population will require more educational institutions. After education, they will look for jobs and earn money. Or they can start businesses. In other words, they will indulge in profit-making activities. They will need money to take care of their health.

 

The second interesting thing about the aging population is longevity finance. When people will live longer, they will invest money in banks, real estate, and stocks. They will buy gold and trade in foreign exchange. They will take loans for real estate investment, travel, and healthcare services. In short, they will play an active role in all buying and selling activities.

 

An aging population will need banking services but with a difference. For example, they would prefer online banking to save time. Also, banks will have to gear up to accommodate the changed needs of their senior customers. They need to become more customer-friendly. Catering to the needs of aging customers will be a challenge for banks.

 

Age friendly banking is the only solution for banks. For example, they can assign a relationship manager to each customer so people have uninterrupted access to banking services. In other words, banks will have to recruit and train more employees to expand their services.

 

When everyone and everything feels the impact of an aging population, how can the insurance sector be left behind? The insurance sector will also see a boom in its services. First, there will be more buyers for insurance policies and second, more insurance claims will line up for settlement.

 

Aging will have a direct effect on the world economy. Longevity literacy will start a chain reaction that will cover all aspects of society and governance. The aging population will have a say in everything and their opinion will matter in making economic policies. Soon schools and colleges will start teaching longevity and its effects on students.

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