CII Thinkpiece author Jane Vass of Age Concern points to manufacturers such as Fiat who have designed products specifically to address the needs of the older generation.
She says: “Over 50s account for 45 per cent of the adult population and, with more than four fifth of life company investment bonds and the majority of a Isas in their hands, the industry could benefit by drawing this large market into the fold of its ‘regular’ products.”
Vass says houseware company Oxo grew its business by more than 30 per cent year on year through its Good Grips range of inclusively designed products.
The report, Inclusive Design: the challenge of an ageing population, looks at how financial products can be constructed to cater for older people living with problems such as reduced cognitive ability or dependence on others for carrying out financial tasks.
The Thinkpiece paper argues that rather than creating specialist niche financial services for such groups, the industry could look for ways to make general products more easily usable by those with age-related problems.