Firms in the financial services sector need to take measures to support the UKs ageing population, the Financial Conduct Authority (FCA) has said.
According to a discussion paper published by the regulator today, people are living longer lives "on an unprecedented scale".
In addition, in the next five years, the number of consumers aged over 65 in the UK is expected to increase by 1.1 million, and the proportion of people aged over 100 will rise by 40%.
The paper added demographic change meant people face a range of challenges throughout their lives.
For instance, people aged 50-60 on average did not understand their longevity and risk running out of money, and this underestimation could also affect the choice of the retirement product that a retiree makes.
The FCA said firms, regulators and stakeholders must work together to develop "more inclusive" products and ensure consumers can access products and services they need at every stage of their life.
Linda Woodhall, director of life insurance and financial advice at the FCA, said: "One thing we do know is that one size does not fit all. Older consumers are a diverse population, with different beliefs, behaviours and needs, all of which affect the way in which they interact with money and financial services."
Tracey McDermott, acting chief executive, said: "Ultimately, the industry must take the lead but we recognise that the FCA has a key part to play in ensuring we encourage appropriate innovation that also provides proper levels of protection for consumers."
The FCA is seeking views on the matter and comments can be submitted by 15 April 2016.
