Financial Services Market in an Ageing Society. Challenges for the Development of Silver Economy

Abstract

The article addresses the issue of the ageing of societies and the need to adopt a new strategy for financial services aimed at the elderly people. Attention is drawn to the specifics of behaviour of senior citizens as financial services customers, resulting from historical experiences, income opportunities, competencies and their cognitive abilities. It is emphasised that financial services constitute a significant part of the silver economy development, necessary due to the need for protecting capital, preserving assets and preventing loss of savings of senior citizens. The article also points to the need to use the achievements of experimental economics, economic psychology and socioeconomics to study the causes of financial behaviours. The article fits into the trend of economic and social analyses and uses the achievements of social research. It was based on existing sources and own research. Desk research and descriptive analysis were used in the presentation of the issues addressed.