The impact of barriers in the access to financial products and services on the financial exclusion of the generation 50+ in Poland
The impact of barriers in the access to financial products and services on the financial exclusion of the generation 50+ in Poland

Author(s): Anna Korzeniowska, Wojciech Misterek
Subject(s): Gerontology, Financial Markets, Socio-Economic Research
Published by: Masarykova univerzita nakladatelství
Keywords: financial exclusion; usage of financial products; personal finance;
Summary/Abstract: Financial exclusion is defined by the European Committee as a situation in which a person encounters difficulties in both access to as well as the usage of financial products and services at the level required to meet his/her needs. The idea beyond is also to enable them to lead a normal social life. It is necessary to point out that the access to financial products is understood as a possibility to use them under reasonable economic conditions. Among those most endangered by financial exclusion are, inter alia, elderly people because their reluctance to accept new technologies and opportunities provided by financial markets is much bigger than that one of younger generations. There is much evidence for that statement, some of it being the ratio of underbanked elderly people which in Poland for the aged 55-64 and over 65 is 32% and 57% respectively, with the average for the whole country population - approx. 23%. The question arises as for the reasons for such a situation and that is why the aim of this paper is to analyse the existence of barriers in the access to financial products and to verify their influence on the diagnosed higher level of financial exclusion of the generation 50+. To analyse the factors influencing behaviours of senior citizens on the financial markets, the research in the form of questionnaire sent to the group of approx. 380 citizens of the Lublin region in Poland was conducted. The results indicate that, while cooperating with financial institution, elderly people are aware of the barriers they meet such as modern technology, a professional and incomprehensible language, extensive or scarce range of banking services ,etc.

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