Banking on the Demographic Dividend: Why Age Inclusion is the Future of Retail Financial Services

If you're working in financial services today, there's a storm on the horizon—and it's demographic. The sector contributes nearly £300 billion to the UK economy and supports 2.5 million jobs, but it’s facing a demographic squeeze from all sides: a rapidly ageing workforce, shifting client expectations, and intensifying competition for talent (The Global City, 2024). Yet most firms still haven’t adapted to the scale of the challenge. Older workers are retiring without succession plans or fresh talent to replace them, and the fastest-growing client group—older consumers—want advisers who understand their life stage. A multi-generational workforce isn’t a corporate ‘nice-to-have’—it’s the key to future growth, resilience, and trust in the sector.

With over 40 years of combined experience in wealth management and retail financial services, we’ve seen the industry transform—from a focus on sales of its products and services to one that builds client relationships. The sector is more inclusive and effective due to the great strides we’ve made in broader diversity initiatives. But age inclusion remains the missed strategic opportunity – and it may be costing firms more than they realise. In a sector where trust and continuity are critical, overlooking older professionals means losing valuable knowledge and weakening client bonds.

Mark Glover, former Head of Financial Planning at HSBC, spent a decade working closely with advisers across the UK. Reflecting on that experience, he notes:

“Relationships between advisors and their clients, typically spanning decades, are often cherished by both parties. If there’s no plan in place to transition these relationships, firms risk losing these trusted connections when senior advisers leave. Multi-generational  workforce strategies help not just with retention but with continuity, mentorship, and client confidence, especially where links to the next generation of family wealth can be established.”

The client base is ageing, too. In 2022, 12.7 million people in the UK were aged 65 or over—19% of the population. That number is projected to rise to 22.1 million, or 27%, by 2072 (UK Parliament Commons Library, 2023). With older adults holding the majority of national wealth, the demand for retirement advice, wealth transfer planning, and long-term care solutions is only going to grow. These clients want advisers who speak their language—who understand not just the numbers, but their life journey.

This is a global trend. The World Economic Forum projects that by 2080, people aged 65+ will outnumber those under 18. The message to financial institutions is clear: adapt now or lose out to those who do. Innovating to serve older customers isn’t just a social good—it’s a commercial imperative (World Economic Forum, 2024). Some firms like Barclays have already started.

Dominic John, a senior leader in customer experience, executive coach and also a ProAge trustee, puts it simply:

 “If providers of retail financial services want to stay relevant to their clients, retain employee expertise and manage talent, they need to embrace age inclusion and cross-generational knowledge transfer.  Ignoring age inclusion means missing out on experienced employees who understand the market and on satisfying the needs of customers who demand empathy and experience.”

According to the OECD, well-managed multigenerational teams improve productivity, reduce turnover, and enhance knowledge transfer—benefits any financial services firm would be wise to pursue (OECD, 2023).

But how can firms thrive in an ageing population? That’s where ProAge comes in. As a charity focused on age inclusion, we help organisations make the most of a multigenerational workforce through practical support—conducting workforce reviews, delivering training to build age awareness and tackle ageism, and helping to set up intergenerational employee resource groups. These tools are essential for turning demographic change into a competitive advantage.

Some firms are starting to respond. Barclays is showing what’s possible—building employee networks that support early, mid, and later-career professionals alike. It’s a smart move in a sector that relies on trust, talent, and continuity.

In a competitive labour market marked by rising client expectations and emerging skill gaps, age inclusion is not merely a courtesy—it is a critical business strategy.

Now is the time to act.