Thinking more about how financial services can serve older customers is not only the right thing to do from the perspective of combatting social exclusion, says Richard Purcell, it also makes good business sense
It is widely accepted that our society is ageing and this trend is expected to continue. The latest population figures from the Office of National Statistics show there are now 11.8m people over the age of 65 in the UK. This is up a third over the last 30 years. Looking ahead over the next 30 years, this number is expected to increase by another two-thirds - to almost 19m in 2046. For society as a whole, this means the proportion of people working will fall, and thus fewer people will be paying taxes at a time when the costs associated with care and the state pension are set to swell. To...
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