Skip to content

Vulnerable consumers at risk of exclusion due to digitalisation of finance

Posted in News

In an interview for the magazine of the European Credit Research Institute (ECRI), AGE Secretary-General, Anne-Sophie Parent, warns of the possible risks of financial exclusion of vulnerable consumers in a context of rapid digitalization of financial services. An issue that was also highlighted by Vivian von Döllen of the Stëftung Hëllef Doheem (Luxembourg) at the PROGRESSIVE workshop that took place in Brussels last October.
Older persons and persons with disabilities, but also others such as consumers with low digital and financial literacy, are already facing barriers ranging from technical, to social and consumer protection issues. Some of them include the lack of accessibility and harmonisation of the financial devices and processes as well as the relatively high price of mobile phones and PCs and of internet subscription fees (affordability issue).
These ‘vulnerable’ groups represent a significant part of European consumers, and their numbers are expected to grow rapidly over the next decades as a result of Europe’s demographic ageing. Mrs. Parent also brings forward some concerns regarding issues of safety, e.g. linked to contact payment, use of big data, etc, and the need to take action to prevent financial elder abuse.
Read here the interview with the AGE Secretary-General (on p.4).

Be First to Comment

Leave a Reply

Your email address will not be published. Required fields are marked *

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Font Resize
Contrast

By continuing to use the PROGRESSIVE Project website, you agree to its use of cookies, as described in the Privacy Policy. More information

The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. If you continue to use this website without changing your cookie settings or you click "Accept" below then you are consenting to this.

Close