The importance of older people's participation in the financial services market

Abstract

The article presents definitions on population aging, characterises the analysed group of population, and discusses selected aspects of its activity in the financial services market. Its purpose has been to determine the importance of the elderly as the users of financial services. As demonstrated, the activity of customers aged 60+ in the financial services market is of significance for various players in this market, as well as from the micro and macro perspective. The hypothesis that this subject area is neither sufficiently known nor recognized has been proved to be true. To improve the situation, financial institutions should analyse in detail the needs of elderly customers to develop targeted products and services, while older people should be more active and use them more often.