Working Paper

Staying at Home: The Role of Financial Services in Promoting Aging in Community

Abstract: Older adults are indicating a desire to live and grow old in their own homes and communities. Yet there are often numerous barriers and threats to aging in community, as many communities lack a comprehensive community model. With a focus on financial institutions and utilizing the concept of Age-Friendly Banking, this paper explores the economic security of older adults and ways to improve older adults? ability to live safely in their own homes and communities as long as possible. Investing in age-friendly communities can prove beneficial to both communities for all ages and financial institutions serving local customers. These mutual investments can include access to loans for home repairs, nearby location of health care facilities, improved safety features within the community, and more. Through Age-Friendly Banking practices and an understanding of the core elements of Aging in Community, financial institutions can play a large role in expanding successful Aging in Community efforts.

Bibliographic Information

Provider: Federal Reserve Bank of San Francisco

Part of Series: Community Development Working Paper

Publication Date: 2016-08-01

Number: 2016-5