Circle of life: Financial advice and the ageing population
The average life expectancy of children born in 2013 is now over 90. Aileen Lynch looks at the FCA's paper on the ageing population and asks if financial services is up to the challenge
The regulator recently released a discussion paper entitled A collection of perspectives: Ageing population and financial services (DP16/1) which encourages advice firms to do more to support the ageing population, and ensure that consumers can access the financial products and services they need at every stage of their life.
The landscape of the UK’s population is changing; although this is a fact with which we’re all familiar, the Financial Conduct Authority (FCA) includes a couple of statistics which really drive the point home.
Firstly, that the average life expectancy of children born in 2013 is over 90-years-old and, secondly, that the number of people aged over 65 currently outnumbers those under 16.
In addition, over the next five years, the UK will see the number of consumers aged over 65 rise by 1.1 million, and the proportion of people aged over 100 will rise by 40%.
Read more.http://www.retirement-planner.co.uk/32811/circle-life-financial-advice-ageing-population