A multidimensional proposal of personal banking portfolio for silver economy

Abstract

Purpose: To design a comprehensive proposal for consolidating a personal banking service portfolio aimed at the silver economy segment, understood as the set of economic activities directed towards meeting the needs and seizing the opportunities arising from an ageing population.
Methodology: A cross-sectional quantitative method was employed, using exploratory and confirmatory factor analysis to examine the responses from a survey administered to 385 older adults.
Findings: The main components of the portfolio – such as financial security, retirement planning, asset and inheritance management, health and medical expenditure, lifelong education and training as well as tax planning - are highlighted.
Practical implications: These findings enable financial institutions to develop more effective segmentation and communication strategies tailored to the specific needs of older adults, thereby promoting their financial inclusion - a challenge that underscores the social responsibility of entities within the banking sector.
Originality: This study offers a contextualized understanding of the financial needs of the older adult segment, which guides the design of more inclusive and effective banking services.