What can we do to help? Adopting age-friendly banking to improve financial well-being for older adults

Maya Abood, Karen Kali and Robert Zdenek

No 2015-1, Community Development Working Paper from Federal Reserve Bank of San Francisco

Abstract: This paper explores age-friendly banking products and services that better protect and preserve the assets of an aging population. In order to examine the unique financial needs and increase the financial well-being of low-income older adults, the California Coalition for Rural Housing (CCRH) partnered with the National Community Reinvestment Coalition (NCRC) to conduct an intensive study of over 400 low-income tenants living in subsidized senior housing. CCRH and NCRC recommend that banks develop more affordable banking products for seniors on fixed-incomes, assist customers in applying for public benefits, proactively address financial abuse and fraud, and provide in-person customer service and better early retirement planning. Financial institutions can incorporate these recommendations into the development of effective Age-Friendly Banking initiatives.

Pages: 20 pages
Date: 2015-01-16
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