Financial Wellness for Longer Lives: New Approaches to Working and Saving
A new report released today by The
The report features insights and action items from the
"There is a complex, multi-directional relationship between financial, physical and mental health throughout the life course," said Academy President
The launch of the report is accompanied by a new Financial Wellness resource page on the Age-friendly NYC website providing data, information, tools, and advice on achieving financial wellness in our current era of increasing longevity. The resources are gathered from business, academic, non-profit, and government expertise and provide insights for individuals as well as employers.
"It is clear that 21st-century longevity brings about new challenges and opportunities that government, non-profits and businesses alike must address together to ensure that today's seniors--as well as tomorrow's--can live their most productive, fulfilling, and happiest lives possible," said
The goals of the forum were to understand the demographic and financial trends associated with a growing population over 65, to examine strategies for age-friendly business practices and promoting retirement savings and management, and to learn how to manage the risks of cognitive decline and fraud. The report includes key insights and actions that the financial services sector, employers of all sizes, and the government can take to improve the financial wellness of millions of aging Americans now and in the future. Key insights include:
* Increased longevity demands new approaches to health, working, and saving
* Preparing for the "new retirement" is a lifelong process
* Innovative financial planning tools are needed to promote lifelong financial wellness
* Cognitive decline is now a must-address issue for financial institutions
Symposium speakers included
"As the 65+ population grows rapidly, the unique financial challenges of older adults will only become more pervasive, including struggle to afford retirement and vulnerability to fraud," said
"Discussions at our Financial Wellness symposium underscored how the financial industry plays a leadership role in protecting seniors' net worth, self-worth, and lives," said
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