THE AGE FACTOR
Youth & Elderly
Inclusivity at all stages of life
Financial inclusivity aims to solve the ethical problem of agents being excluded from financial goods and services, and to also promote financial literacy across the board!
Financial institutions achieve financial inclusion by providing goods and services that are specifically designed with everyone in mind! But how does age play a role in the way access to financial services is distributed?
Why should you care about your financial literacy from a young age?
As time progresses, the use of credit at younger ages has become progressively more common. It might be because of credit score systems that many countries have been and are currently implementing, but it is most certainly also because of the cost of higher education becoming higher and higher, which makes the youth rely on student loans to pay tuition fees.
Why should you take action to include your senior relatives into the “new normal” in financial services?
Just like youth, senior citizens face exclusion when it comes to financial services, since most financial institutions target customer segments that possess the potential to generate them the most capital. Senior citizens, for the most part, are retired, have senior discounts for goods and services and cannot even legally take out bank loans in certain countries! All these aspects make financial institutions far less motivated to cater to this segment, ending up excluding them from financial conversations altogether.
5 steps to make your children and parents more included and protected in the new financial services sphere
The push for financial inclusion is showing no signs of stopping, and kids are also becoming the focal point of the discussion on financial literacy. With this, more platforms and companies focusing on finances for minors have been tapping into this customer segment. A few examples of financial platforms for kids include SOKJO, Zogo and Gohenry.
Let’s talk about the future: How is the financial literacy and inclusion influenciating the new leaders
In July 2019, Forbes released an article on why financial literacy in higher Education is a top future-ready skill. And it explored the relationship between personal development and how financially cognizant one might be. To expound on this topic, they interviewed Reggie D. Ford, CEO of Rosecrete, a financial wealth management company, to explain the importance of financial literacy for the world’s future leaders.
Investment Trends in the Financial Literacy for the Youth
Crunchbase News reported that as of 2021, there has been exponential growth of investor interest in financial literacy and of FinTech start-ups targeting younger audiences, with a record 250% increase in the capital invested in the financial literacy market for the youth by the end of 2020!
The Daily Finance Centre reported that as of March 2021, Carefull had raised $3.2M for its Platform to Help Manage the Finances of Aging Parents. Carefull is a start-up company building digital services for financial caregivers. Their goal is to make it easier to support aging parents and to help families make better financial decisions together.