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The silver economy

Over the summer, Lorna Sabbia, head of Retirement & Personal Wealth Solutions, and Surya Kolluri, managing director, Retirement Thought Leadership at Bank of America, attended high-profile global economic conferences to share the firm’s research and findings on longevity and aging with Fortune 100 corporate leaders, government officials and academics.

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Lorna Sabbia

In Helsinki, Finland, Lorna was a keynote speaker at the Global Coalition on Aging Silver Economy Forum, which focused on demographics, macroeconomic trends and economic practices related to the $15 trillion silver economy. Approximately 500 leaders from 26 countries gathered for this first-ever conference of its kind to address strategies that can leverage aging as a driver of economic growth.

Lorna spoke about how the financial industry, specifically Bank of America, is helping individuals prepare for longevity and improve overall wellbeing. In her presentation, she noted the connection between longevity, women and finances, saying, “As highlighted in Merrill’s recent Women and Financial Wellness Study, women have a lot at stake in an aging society. They are impacted by a wage gap that compounds over a lifetime into a wealth gap, caregiving responsibilities that take them out of the workforce, and a longer life to fund due to their superior longevity. However, proper planning can help women turn their longevity into an asset.”

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Surya Kolluri

In Japan, Surya took the stage as a panelist at the G20 High-level Symposium on Aging and Financial Inclusion, where global agencies, government officials and private sector representatives discussed the challenges that an aging society poses to the financial services industry. Bank of America is one of the very few financial companies, if not the only, that has truly integrated gerontology into its advisory services for clients in the U.S. “Our Japanese clients were eager to learn about our success model in the U.S.,” said Surya.

As a leader in its field, Bank of America was one of only three private sector companies present at the G20 event. Bank of America is at the forefront of Longevity Economics, having partnered with Stanford University and the MIT AgeLab to conduct research and drive discussions across the U.S. To learn more about what Bank of America is doing on this front, read the related article published earlier this year in the Harvard Business Review.