Is The Banking Sector Age Friendly?

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Image by Andreas Breitling

Following on from my last blog Aged Care Services Not Age Friendly (12th April 2019 ) in which I wrote about the Financial Capability of Older People report by the University of SA, examining how the aged in home care and the banking and finance industries were not age friendly, this blog will look at the banking and finance sector. This sector came in for criticism too for not being age friendly, with researchers finding older people faced numerous problems in their financial dealings. This ranged from having trouble understanding foreign voices at overseas call centres and reading tiny print on documents to complicated terms and condition, poor communications by staff and high pressure sales techniques.

The researchers believe both the in home care and finance/banking sectors were in need of an age-friendly revamp with more older-customer focussed services and better staff training.

So it is encouraging to read an article from the Canberra Times that Alzheimer’s Australia has begun rolling out “dementia-friendly” banks with a pilot program beginning in Beyond Bank branches across Canberra.

The bank has begun making changes to its physical environment, considering things like colours, lighting, signage and even the type of fonts it uses to make the branch environment less intimidating. Staff will receive special training to learn about the various obstacles those living with dementia face when doing their daily banking.

Beyond Bank state manager Chris Blight said they wanted to make it easier for people with dementia to stay independent.”We’re working towards having really clean spaces and that welcoming personal tailored solution to help them access their funds,” he said.

The full report The Financial Capability of Older People can be read at: unisabusinessschool.edu.au/financial-capability

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