Our work for older Australians
'The world’s population is ageing – the proportion of people aged 60 and over is expected to double between 2007 and 2050, and the actual number will more than triple, reaching two billion by 2050'.1
Australia is following this trend, with 15.2% of the population now aged over 65,2 up from 8% in 1970–71.3 By 2054–55 it is projected that the number of Australians over 65 will more than double, and that 4.9% of the population will be aged over 85.4.2
These demographic changes will not only result in a larger pool of older Australians facing the challenges of making good financial decisions, but will also impact on economic drivers such as participation and productivity.
Addressing these challenges requires a whole-of-government approach. ASIC is committed to addressing the key issues that affect older Australians when they use financial products and services. These issues include the challenges involved in making complex financial decisions, and financial products and selling practices that target older Australians.
ASIC is already actively working to support older Australians through our regulatory, education and enforcement work. We are also committed to working collaboratively with other government agencies and stakeholders to help bring about positive changes for older Australians in financial services.
This commitment includes actively and transparently communicating the work we are doing for older Australians.
We have produced a report outlining what we see as the major issues for older Australians and how we are addressing them.