Singapore has become a super-aged society. As people live longer, there is a growing need to ensure that seniors can manage their finances with confidence, security, and independence.

The banking sector recognises its responsibility to better support seniors across all stages of their financial journey - from everyday banking and retirement planning to safeguarding their assets and legacy. Guided by the SERVE framework, banks are committed to make their services safer, more accessible, and more supportive of their customers’ long-term financial wellbeing:

• Safe — protected from financial abuse and scams
• Enabled — able to access banking products and services, both physically and digitally
• Resilient — financially prepared longer lifespans
• Valued — with financial arrangements (such as wills, LPAs, and CPF nominations) protected and honoured
• Engaged — connected to banking services within familiar community settings

Details of the banking industry’s efforts to enhance banking services for an ageing society may be found in the links/documents below:

ABS and our member banks will continue to work closely with the Monetary Authority of Singapore (MAS), Ministry of Social and Family Development (MSF), and Public Service Division (PSD), Agency for Integrated Care (AIC) and other public agencies for the continuous refinement of the banking experience for seniors.

Members of the public who wish to provide suggestions and feedback on banking for seniors may provide feedback to ABS at banks@abs.org.sg.