Combatting Financial Exclusion of the Elderly in the Digital Era

The project examines the phenomenon of financial exclusion of the elderly in the context of the progressive digitalisation of financial services. Although on-line banking and electronic payments facilitate the everyday lives of many consumers, for some senior citizens they become a barrier to accessing basic financial services, such as withdrawing cash or paying bills. This phenomenon is gaining increasing social significance – not only due to the population ageing, but also because of the rapid pace of digital transformation in the financial sector, which was accelerated by the COVID-19 pandemic.

dr Anne-Marie Weber, fot. Łukasz Bera The aim of the project is to develop a scientific foundation for regulations that could effectively counteract the financial exclusion of the elderly. The research combines legal, economic and sociological perspectives, thereby creating an interdisciplinary roadmap for public policies and legal solutions. The starting point is the assumption that access to financial services is a prerequisite for independence and the full participation of senior citizens in social life.

The project consists of two stages. In the first stage, the team will conduct qualitative research in selected regions of Poland – in large cities, smaller urban centres and rural areas – including interviews with senior citizens, local civil society organisations and representatives of financial institutions. The research will make it possible to identify the actual barriers to the use of financial services: ranging from a lack of digital skills and low levels of trust in on-line transactions to financial constraints that prevent the purchase of devices and access to the Internet. The data collected will be used to provide a precise description of the mechanisms that lead to financial exclusion.

In the second stage, the project will analyse legal provisions and solutions adopted in other countries, including the United States, the United Kingdom and other Member States of the European Union. The research will cover, inter alia, consumer law and financial market regulations, as well as anti-discrimination and constitutional provisions. The team will seek to answer the question of how the law can support the financial inclusion of senior citizens.

dr Anne-Marie Weber, fot. Łukasz Bera The project combines empirical research with doctrinal legal analysis, thereby creating a comprehensive picture of financial exclusion in the context of an ageing society. The results will serve not only the academic community, but also public decision-makers and financial institutions, indicating how to shape a more inclusive market for financial services.

The project will produce, inter alia, a set of regulatory recommendations and good practices that may help reduce digital barriers and, in consequence, improve the quality of life of the elderly. In the longer term, the research is intended to contribute to formulating new foundations for financial and social policy based on intergenerational solidarity.