Hello.

My name's Miss Ikomi, and I'm a teacher from London.

I'm going to be guiding you through today's lesson.

We've got lots to get through, so we're gonna get started.

Today's lesson is called "How do we financially protect an ageing population?" It's part of the wider unit, How do we look after the ageing population? By the end of today's lesson, you will be able to explain the financial risks and challenges for a society with an ageing population and consider how we can respond to these challenges.

The keywords we're going to hear in today's lesson are ageing population.

This is what happens in a situation where the proportion of older adults, typically 65 and over, in a society is increasing.

We're also going to hear the words financial risk or challenge.

These are the potential difficulties that individuals and communities may face in managing finances.

This is due to societal factors such as rising living costs and inflation.

Keep an eye out for these key words in today's lesson.

We're going to begin by thinking about what are the challenges for society in terms of this ageing population? There are financial risks and challenges that come with having an ageing population.

This is because as people live for longer, society is going to have more money than it needs to spend.

We have to ensure that everybody has enough money, which can sometimes be a financial challenge in a situation where not everybody is able to work.

In the UK, children who were born in 2023 are expected to live on average 86.

7 years for men and 90 years for women.

This is much longer than it was 50 or 100 years ago.

Thinking about that, living longer is really good.

However, we need to make sure that in the period of time where people retire and stop working, they also have enough access to resources which they previously wouldn't have needed when the life expectancy was shorter.

Without careful planning and support, meeting basic needs for older people, things like housing, food, and healthcare, can become really difficult.

This isn't just for individuals, but also communities and society as a whole as we as a whole society are having to think about how to plan and support the older generation.

Something that's really important for us to consider is rising healthcare costs.

As people age, longer-term health conditions can become more common.

That means that there's going to be more of a demand for ongoing care and support.

There are some healthcare conditions that are associated with people as they get older, so therefore we need to make sure that we're filling the gaps.

The NHS, the National Healthcare Service, provides free healthcare.

Additional costs such as specialist equipment and home adaptations that older people might be expected to make on their own can be very high.

So therefore, we see how it can be expensive in terms of healthcare for individuals looking to adapt their homes, but also for the NHS as we're putting more money into supporting the older generations.

This creates a wider responsibility for society and the Government ultimately to plan and make sure that there is support being provided to meet the individual needs and also the wider society needs.

Let's do a check of what we've learned so far.

I'd like you to fill in the missing words in the sentence below.

Pause your video and have a go at this now.

We'll then check our answers together.

Let's check our answers.

A society with an ageing population can face financial risks or challenges including rising healthcare costs.

The Government needs to ensure that this is planned for.

Another important thing we need to consider is the idea of financial abuse.

This could look like a scam or potentially fraud that is targeted at older people.

Anybody could be tricked into giving away money and being scammed.

This might happen through phone calls, online fraud, or even by people that you know.

According to Action Fraud, there were 559 reports of pension fraud in total and over 17 million pounds lost in 2023.

Pension fraud is a particular type of fraud that is aimed at older people.

Quite often, fraudsters will use online means using technologies that older people may not necessarily be as familiar with if it wasn't something that they grew up with, but this isn't always the case.

Andeep's giving us an example of this.

"My grandma nearly got scammed, but luckily she told my dad before she lost any money.

She was really convinced when someone claiming to be the Government rang her up and said she was able to enrol in a pension upgrade if she gave them her details.

This was all a scam." Aisha's telling us, "Fraudsters are really good at convincing people to transfer money or their personal details, Andeep.

We have loads of scam calls on the phone.

My dad and granddad took a course at our local library all about staying safe online." So this is just one example where people would use the phone and target people who wouldn't necessarily know that this wasn't something that was true.

There are lots of ways of helping support this, and it's not just elderly people that could be victim to this.

In schools, we learn about this and how to stay safe online.

So Aisha is telling us how important it is that older people also have these opportunities.

Inflation is another financial challenge for society.

Inflation means that the price of goods and services increases over time.

This can reduce the value of pensions and savings.

That means it's harder for people to afford everyday essentials because when they were saving, they might have saved enough.

However, as things have got more expensive over time, it may not be enough to cover that difference.

As the living costs rise, it becomes more difficult for society to ensure that we have financial security for an ageing population because of these changes that are happening over periods of time.

Another important consideration is a shortage of suitable housing.

Some people live in homes that are too large, or they might be difficult to maintain, or haven't been adapted for their needs.

Without access to safe and affordable housing, people might face higher costs.

For example, heating a house that has lots of bedrooms or trying to move around in a house that has lots of stairs when it's more difficult.

This creates challenges not only for the individuals living in those houses, but also for families, communities, and public services.

In 2013, the House of Lords warned that housing was not being adapted quickly enough to account for the changing population.

A parliamentary group raised concerns about the lack of affordable homes for those who are living on lower incomes, which might include people who are on pensions.

Geoffrey is 85 years old.

He lives in a house that needs repairs, but his pension don't cover the cost and he hasn't got any savings.

That means that Geoffrey is in a financially risky situation.

He might have to end up borrowing money and therefore falling into debt or try to avoid spending altogether.

That might continue to allow him to live in a home, however that might have harm on his health and wellbeing.

This is a good example showing us how some people can face difficult financial choices.

Therefore, it's really important that the Government and society is aware of these changes and therefore can plan in order to support individuals.

Let's do another check.

True or false? The House of Lords warned that the UK is not adapting housing quickly enough to meet the needs of an ageing population.

Pause your video and choose your answer now.

The correct answer is true.

We heard about that example before.

We're going to spend a bit longer now putting this into practise.

I would like you to write the text for an information leaflet that is aimed at a government board or public service committee.

Your information leaflet should explain at least three key financial challenges facing an ageing population.

It should also highlight how these challenges affect not only individuals, but also society as a whole.

Pause your video now and have a go at this.

We'll then come together and check our answers.

I asked you to write the text for an information leaflet that was trying to give information about an ageing population and financial challenges.

You might have included some of the following.

The title might have been, "Addressing financial challenges for an ageing population." As the UK's population continues to age, there are growing financial challenges that not only affect older adults, but also have a wider impact on society.

To ensure financial security for all people, it's essential to address these financial challenges proactively.

One of the risks is inflation.

This means that increases to the cost of living, meaning people's pensions and savings may not go as far.

This can make it harder to meet basic needs like food, housing, and healthcare.

Another risk is financial abuse.

People might be vulnerable to financial abuse, including scams and exploitation.

This can cause severe financial risk and harm to those people.

Another risk is a housing shortage.

Some people live in homes that are unsafe or hard to maintain.

A lack of affordable age-appropriate housing can increase financial strain.

For the next part of the lesson, we are going to think about how can society respond to these challenges that we've outlined.

Understanding these financial challenges that are posed by having an ageing population is so important for us to create effective solutions.

We can't tackle an issue if we don't know exactly what the issue is.

Lots of different sectors, including the Government, local councils, charities, individuals, and communities already have a role in addressing these challenges and to support long-term financial security for society as a whole.

It's something that is going to be really important for all of us as we get older, so it's important that we think about these things very far into the future.

One way that society can respond to financial challenges is by promoting better financial education.

For example, we get education in schools about how to set up bank accounts and how to look after ourselves in terms of fraud and scams. It's also important to provide education about things that are going to affect us in the longer term.

Things like pension savings and also fraud protection is going to help people plan ahead to think about their future.

If we are all learning about pensions and why we need to save earlier, it's going to reduce the likelihood of having financial hardship later in life 'cause we'll all be in good saving habits.

Lots of organisations offer free advice and tools to help people plan their finances for later life.

Educating all people helps to build financial resilience.

Resilience is your ability to get back up even though things are difficult.

So being financially resilient means that you know what's coming and you're able to cope with those difficulties.

It also means that we can produce a healthier economy.

That means that we'll have less financial risk overall and hopefully everyone will benefit.

Sam is asking, "I thought it was just my responsibility to manage my finances for later life.

Do I really need help from the Government or other organisations?" Pause your video and think about how you might respond to Sam.

You might have said that everyone has a personal responsibility.

However, society, including the Government, local councils, and charities also play a role in supporting financial security.

This is through resources, education, and support.

The Government also provides financial protection through benefits and pensions.

The state pension helps to ensure that a basic income is given to all people after retirement.

Pension Credit supports those who might have a lower income in that same period of time.

Having these different supports reduces the financial risk of poverty and supports an ageing population to be able to live independently for longer.

We're coming back to Geoffrey.

He's telling us, "I've worked all my life and saved for retirement, but it's not always enough.

That's where the state pension comes in.

It gives me a basic income after I stop working.

On top of that, I receive Pension Credit, which helps to top up my income because I'm on a low pension.

Without it, I would struggle to make ends meet, especially with the rising costs.

This support helps to me stay independent and avoid falling into financial hardship." So this is a really good example of how individuals have responsibility, but they're also supported by wider society.

Local government also plays a key role.

Local councils offer services such as meal deliveries, home adaptations, and community transport for older people.

These services mean that people can stay in their homes safely and live with dignity, meaning that they are worthy of respect and leading a life that is healthy and happy.

Local governments can apply for grants to help with installing stair lifts or fitting safer bathrooms if needs change as people get older.

The regulation of financial markets is also a tool that is used to protect people.

For example, the Financial Conduct Authority, the FCA, issued guidance in 2021 to support financial services businesses to help consumers in vulnerable circumstances.

The FCA introduced the Consumer Duty in 2023.

This requires firms to deliver good outcomes for all customers, including those in vulnerable circumstances, which might include older people.

Let's do a quick check.

What does the FCA stand for? Is it A, Financial Conduct Authority, B, Finance Control Agency, C, Financial Conduct Agency, or D, Finance Control Authority? Pause your video and choose your answer.

The correct answer is A.

On the 7th of March, 2025, the FCA published a review.

This demonstrated examples of good and poor practises to further help firms to provide the right care when it comes to looking after vulnerable groups, minimising financial risk, and following the Consumer Duty of 2023.

Charity organisations and community groups are another way of providing support.

For example, Age UK offers advice on avoiding scams, managing money, online banking, and claiming benefits.

They also run campaigns to ask the Government to do more for an ageing population.

So this is just one example of an organisation supporting people who are older, but there are lots of different community groups that are also doing this on smaller and larger scales.

Campaigning is a form of advocacy.

Advocacy is where someone represents or supports a group of people or an organisation by publicly writing, speaking, or taking action on their behalf.

It means to speak up for someone else.

We can all strive to be advocates and strive for positive change in our local, national, and global communities.

Maybe thinking about financial security, maybe thinking about supporting older people, or other campaigns that we're interested in.

Let's do another check.

I'd like you to match the group to the correct action when it comes to supporting through financial challenges.

Pause your video and have a go at this now.

Let's check our answers.

The Government offers Pension Credit.

Charity organisation provide advice and help.

And local government offers grants for home adaptations.

We're going to put this into practise and do a longer task.

Based on the financial challenges that you identified in your first task, I'd like you to write a short report with recommendations for how we can address the financial challenges that are facing society.

Pause the video and have a go at this now.

I asked you to write a short report with recommendations for how to address financial challenges within society.

You might have identified the issues of rising inflation, financial abuse, and a lack of housing.

Your recommendations might have looked as follows.

The first might be to offer educational programmes to teach all people about pensions, savings, and fraud prevention.

This can help to reduce financial risk and ensure better financial planning.

You might choose to invest in building more appropriate housing and provide financial support for home adaptations such as installing stair lifts to help people continue to live independently for longer.

We might ensure that financial institutions protect people by regulating markets and preventing financial abuse.

The FCA's Consumer Duty, for example, can help to ensure fair treatment of older customers.

Today we have been learning about how do we financially protect an ageing population.

We have learned that individuals and communities face financial challenges due to wider societal factors, for example, rising living costs.

Also, inflation and an ageing population can make it harder for people to afford essentials and access support.

These issues affect not just individuals, but entire communities.

That increases pressure on services and systems, maybe the NHS.

Understanding these financial risks and challenges helps society respond effectively.

For example, education programmes can teach people about pensions, savings, and fraud prevention.

Investing in suitable housing and funding home adaptations can help people stay independent for longer.

Financial institutions also play a role by following regulations that protect consumers.

That's the end of today's lesson.

Thank you for joining me.