On November 14, the Financial Regulatory Administration released the "Guiding Opinions on Further Enhancing Financial Services for the Elderly" (hereinafter referred to as the "Guiding Opinions"), proposing specific tasks from six aspects, including encouraging the use of intelligent technology achievements, enriching elder-friendly products and services, and optimizing traditional service methods.

Experts indicate that the supply of third-pillar financial products for retirement in China is still limited, with issues such as the inability to lock in retirement purposes for some retirement savings, limited supply of retirement financial management products, and the need to strengthen the diversity and inclusiveness of retirement insurance products. Journalists from the Financial Association noticed that in response to industry pain points, the "Guiding Opinions" proposed to increase the research and development of elder-friendly financial products, support insurance companies in raising the upper age limit for insurance, and pay attention to the insurance protection needs of seniors aged 70 and above.

Liu Feipeng, a researcher at the Postal Savings Bank of China, told journalists from the Financial Association that based on the significant effectiveness achieved in the previous transformation of financial services for the elderly, the National Financial Regulatory Administration has coordinated and deployed financial institutions to further enhance the level of financial services for the elderly, which will help deepen the structural reform of financial supply, improve the quality of financial services for the elderly population, and better meet the financial service needs of the elderly group.

Promote the elder-friendly transformation of internet applications and strengthen the elder-friendly upgrade of mobile apps.

The "Guiding Opinions" pointed out that, in order to solve the practical difficulties faced by the elderly in the financial field, it is necessary to promote the transformation of various financial services to be elder-friendly and effectively ensure the basic financial service needs of the elderly.

How to improve elder-friendly service levels? The "Guiding Opinions" indicated directions for promoting the elder-friendly transformation of internet applications, optimizing mobile app service processes and functions, improving self-service, and promoting the use of portable intelligent services.

For instance, the "Guiding Opinions" proposed that financial institutions should strengthen the barrier-free upgrades of elder-friendly internet websites and mobile internet applications, further optimize interface interactions, provide content reading, operation prompts, voice assistance, and other functions to facilitate elderly people in obtaining information and services. Each financial institution should enhance the barrier-free upgrades of elder-friendly mobile apps, optimizing verification methods while ensuring the effectiveness of identity verification and confirming the true intentions of elderly customers when conducting business, and further refining processes such as user registration, bank card binding, and payment.

Liu Feipeng pointed out that for financial institutions, it is necessary to comprehensively promote financial services focused on the needs of the elderly population in terms of financial products, service methods, and service channels. Further improvements will enhance the targeting of financial services, enabling suitable financial products to effectively reach elderly people through appropriate channels, and provide high-quality financial services to improve their satisfaction with these services.

The Financial Regulatory Administration also indicated that the "Guiding Opinions" put forward comprehensive and systematic requirements for enhancing the elderly suitability level of services in the financial industry. This is an important measure to encourage the financial industry to proactively respond to population aging. The introduction of these opinions will help the elderly better share in the achievements of financial development and continuously enhance their sense of acquisition and satisfaction.

Increase the supply of financial products suitable for the elderly, and support raising the upper limit of insurance age.

The "Guiding Opinions" also pointed out that financial institutions should intensify efforts in developing financial products suitable for the elderly. It supports banking financial institutions to fully consider the relatively conservative risk preference and stable wealth management needs of older people, combine their practical needs for investment, medical care, and retirement, and develop and launch more products targeted at elderly clients, providing services such as retirement financial planning and fund management.

"Although China has already made some practices in pension savings, insurance, wealth management, funds, and REITs, the supply of third pillar financial products for retirement is still limited," said Yang Juan, a researcher at the Bank of China Research Institute, to the financial news agency.

Specifically, "In terms of retirement savings, only pension savings products that are included in personal pensions can ensure the function of directed support for retirement, while other savings products cannot lock in the intended use for retirement. In terms of retirement wealth management, since it is still in the pilot stage, the supply of products is limited; as of the end of October, there were only 77 existing retirement wealth management products. In the area of retirement funds, as of October 31, there were only 199 individual pension products, and more than 60 retirement target funds (including retirement target date funds and retirement target risk funds) have not been included in personal pension products. In terms of retirement trusts, trusts aimed at retirement, which also cater to special needs for consumption in retirement and medical payments, are even rarer in practice."

Yang Juan also noted that in the area of retirement insurance, the supply of products is relatively ample, but its diversity and inclusiveness still need to be strengthened.

Addressing these pain points, the "Guiding Opinions" pointed out that it supports insurance companies to raise the upper limit of insurance age, pays attention to the insurance protection needs of elderly people aged 70 and above, scientifically and appropriately adjust the underwriting conditions, and provide reasonable protection for elderly groups with pre-existing conditions and chronic diseases; support insurance companies to accelerate the development of long-term medical insurance, providing stable health protection covering the entire life cycle.

In terms of strengthening protection, the "Guiding Opinions" point out that insurance companies should focus on the special needs of the elderly population, including those with disabilities, dementia, chronic diseases, and living difficulties. They should legally and compliantly carry out the "insurance + service" operation model, integrating services such as disease prevention, chronic disease management, health consulting, and long-term care, while exploring ways to enhance the connection between insurance products and health management, as well as retirement care services. Insurance companies are encouraged to explore providing comprehensive liability insurance products for nursing institutions specifically designed for individuals with disabilities and dementia, which include risk reduction management functions, to enhance the caregiving capabilities for elderly individuals with disabilities and dementia.