Combatting Financial Exclusion of the Elderly in the Digital Age - A Regulatory Roadmap
Research question and goal
The project is focused on addressing the growing issue of financial exclusion among the elderly, specifically in the context of rapidly advancing digitalization in financial services. As financial institutions increasingly shift their services online, the elderly, who often face
challenges related to digital literacy, cognitive decline, and access to technology, are at risk of being marginalized. The project aims to explore the impact of this digital shift on older people’s ability to access financial services, such as making payments for goods and services, which is critical to their independence and well-being.
The project is responding to a clear gap in the current research landscape. Most existing studies on financial inclusion treat consumers as a homogenous group, without accounting for the specific needs of different demographics, particularly the elderly. This is problematic because the elderly face unique challenges when it comes to engaging with digital financial services. These challenges include lower levels of financial literacy, difficulties in adapting to new technologies, and cognitive impairments that increase with age. As a result, the elderly are often excluded from accessing essential financial services, which undermines their ability to live independently and participate fully in society.
The existing legal research on financial inclusion tends to focus on consumers who are already digitally engaged, neglecting those who are involuntarily excluded due to barriers like digital illiteracy or lack of access to technology. Furthermore, there is a need for a more interdisciplinary approach that combines legal, sociological, and economic perspectives to better understand the implications of digital exclusion. This project seeks to address this gap by focusing specifically on the elderly and proposing legal reforms that would ensure their inclusion in the digital financial ecosystem.
The project’s ultimate goal is to develop a regulatory roadmap that can help ensure that older adults are not left behind in this transition. This roadmap will address the legal, economic, and social aspects of digital exclusion, proposing specific regulatory
frameworks that can help combat financial exclusion and promote inclusivity in the financial sector. It will assess the potential for public and private law interventions, focusing on how regulations can be designed to protect vulnerable consumers, particularly the
elderly, who are less able to adapt to digital financial services.
The research builds on empirical findings that highlight the vulnerability of the elderly population to financial exclusion due to their lower levels of digital literacy, cognitive impairments, and lack of access to technology. The central research objective is to determine how legal and regulatory frameworks can be reformed or designed to ensure financial inclusion for the elderly. The project spans multiple disciplines, including law, sociology, and political economy, and involves a comparative study of the legal systems in various countries such as the U.S.A., EU member states, and the UK. This comparative approach will provide insights into the global dimensions of the issue.