AboutOn July 17, 2013, the Board of Governors of the Federal Reserve System (Federal Reserve Board) convened a forum on the financial experiences of older adults, a one-day event held in conjunction with the release of the Board’s report, Insights into the Financial Experiences of Older Adults: A Forum Briefing Paper.
The Federal Reserve Board seeks to better understand the unique situations older adults face in the post-crisis economy, how they manage transactions with new and emerging technologies, and how they navigate an increasingly complex financial marketplace. Toward this end, the Board’s Division of Consumer and Community Affairs conducted a survey of more than 1,800 individuals aged forty and older regarding their use of financial products and services, their financial decisionmaking, and their sources of financial stress. The report summarized the survey’s findings, which helped frame the discussions at the forum
A particular aim of the forum was to help identify the next set of questions about financial preparedness and stability among older adults to be explored by the field at large. Discussions were organized around specific issues, including:
- financial circumstances of different subgroups of older adults
- current and future housing needs and affordability
- employment and retirement transitions
- the role of cognition in financial decisionmaking
Forum participants shared examples of policies, products, or services that hold promise as ways to meet the financial needs and choices of older adults as they age. The day concluded with an aging policy roundtable, which prioritized and discussed several issues affecting the financial stress, stability, and security of older adults. The forum helped to identify gaps in knowledge with the hope that further research will increase understanding of these issues.