The isolation that many seniors have felt over the past year due to not being able to spend quality time with loved ones has been immense, says Scotiabank’s Vice President of Operating Practices Ahmad Dajani, who also serves as the Bank’s Seniors’ Champion.
Dajani, whose role as champion is to ensure the Bank keeps seniors’ interests in mind, adds that the pandemic has had a “terrible impact” on seniors’ daily lives.
“I speak from the experience of my own mom and aunts and uncles,” he said during the latest episode of the Pandenomics podcast.
“The part I think that would concern me the most is the feeling of isolation that many have felt over the past year of not being able to hug a loved one. Not being able to enjoy retirement really on their own terms. The social, emotional and health impact on seniors, I think, has been the worst part.”
As June marks seniors’ month in Canada, the latest episode of our podcast series — which looks at the impact of COVID-19 on the economy— features Dajani and focuses on the main concerns of Canada’s aging population throughout the pandemic, how their economic participation impacts the economy and the necessary systems needed to meet their needs.
Seniors play a very important role in the health of our economy, Dajani added, with baby boomers living longer than previous generations, playing active roles in their communities and holding the majority of the wealth in North America.
This demographic is also the most susceptible to financial abuse, fraud, challenges in accessing banking services and overall financial stress, vulnerabilities that can be overlooked due to ageism, Dajani adds.
Not only are seniors struggling with the social barriers of the pandemic but many are also being forced to tread unfamiliar waters as they navigate the transition from in person to primarily online banking for the first time, Dajani adds.
“[The] pandemic has encouraged seniors to learn more about and become more comfortable with online banking. And for many that's become a necessity to maintain their independence. That's been an important shift…With the number of frauds that are targeted at seniors, coupled simply with some not having the comfort of technology, it's easy to understand the reluctance.”
This reluctance can be mitigated by providing more accessible banking options for the elderly and putting the customer first, Dajani said. For example, Scotiabank’s Bank Your Way portal helps seniors to become more familiar with online banking. As well, education around these issues, such as training front line workers on the issues seniors face can be helpful, he added.
On the financial side, seniors are also being impacted by historically-low interest rates due to the pandemic.
“Low interest rates, as we all know, are great if you’re buying a house, but of course not as great if you’re a pensioner living on a limited budget and counting on your savings to last,” Dajani said.
Still, it’s important to avoid thinking of seniors as a homogenous group with common issues, and instead consider how to tailor advice to the customer and their individual needs, focusing on how they prefer to communicate, said Dajani.
“The reality is that their needs and their issues vary and they are a very diverse demographic which means that organizations have to cater to a variety of needs,” he said.
“Some spend and value real estate, some travel. Of course, some are required to spend money on healthcare and others a great deal on leisure … It's very, very important for us to continue to take an approach that truly understands that customer that's in front of us and service them based on their priorities.”
- Listen to other episodes of Pandenomics here.
