How Banks and Credit Unions Can Better Serve Older Adults

This report outlines the findings of AARP's 2023 survey regarding the banking practices and needs of adults aged 50 and older. The survey, which included over 2,000 participants, highlights significant changes in the financial landscape over the past decade, including the rise of online banking and the increasing sophistication of financial exploitation tactics. The report emphasizes the importance of age-friendly banking principles, which aim to prevent financial exploitation and enhance the banking experience for older consumers. It details the core principles of AARP's BankSafe Initiative, which focuses on safeguarding consumer assets and building trust. The findings reveal that older adults still value personal interaction in banking while adopting online services at increasing rates. Additionally, the report discusses the declining trust older adults have in their financial institutions and their growing desire for protective measures against exploitation. The survey results indicate a strong demand for services that assist in financial caregiving and prevent exploitation, reflecting the evolving needs of this demographic.