With the numbers of over 65s set to increase rapidly by 2040,the need for future financial caregiving will also increase. By financial caregiving we mean assistance with managing everyday finances such as making deposits and withdrawals, monitoring transactions and paying bills as well as more complex matters such as investment decisions. The need for greater support will also be driven, to some degree, by the changing ways that financial services providers engage with end-consumers and the general move to a more automated and digitalised approach to both everyday banking and broader savings and investment activities.
Over 30% of Current Retirees rely upon family and friends, or expect to do so in the future, for assistance with basic financial needs such as bill paying, making or monitoring deposits and withdrawals and making saving and investment decisions. Areas where Current Retirees wish they had greater support are in making investment decisions (15%) and identifying financial abuse (13%). It is worth noting again, however, that by 2030 two million over 65s will be childless, creating a cohort who will not be able to rely on immediate family for their financial caregiving.
For more details on the future of financial care-giving, please download Our Future Financial Lives report.