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CII calls for improvements towards financial independence

CII calls for improvements towards financial independence | Insurance Business

CII calls for improvements towards financial independence

It’s often the case that “the future” seems so far away, until suddenly it’s the present. When it comes to planning for the future, many of us put our finances on the backburner, focusing on what we need and want now – potentially leaving ourselves short at a time of life when income does not flow so freely.

With that in mind, the Chartered Insurance Institute (CII) has decided to look at how people can build better financial resilience in later life in the next stage of its Insuring Futures initiative.

It is calling on anyone working within the insurance sector, or the personal finance profession, who can help identify the actions that should be taken to build and maintain independence. This can include the kind of conversations needed with friends and family, how we design products and communications for older people, how professionals can structure conversations with clients that are relevant to their aims, and how they can offer advice to the whole family rather than simply an individual.

According to Matt Connell, director of policy and public affairs at the CII, anyone in a client-facing role will know what it’s like to talk to elderly clients who are unsure what they need to ask for.

“In the background, a helpful voice is prompting them with information and helping them frame their questions,” he said. “Is this financial abuse? Is the elderly person being exploited? Or are they being given vital help, without which they would not be able to manage their finances?

“The kind of knowledge and skills that are needed to service an ageing population relies not so much on technical knowledge about insurance and financial services as on empathy and awareness of how other people live their lives.

“We want to hear from those working in the profession who can help us come up with a plan to improve the nation’s financial independence in later life.”