Training the US older workforce for the impact of generative AI on Financial Services: A Policy Guide

This paper presents a review and proposes framework for training older financial services employees (age 45+) in Generative AI applications. As banks rapidly adopt AI tools, our research identifies specific barriers facing older workers including technological anxiety, interface complexity, and knowledge retention challenges. We conclude that older workers require approximately 30-40% more training time than younger colleagues but achieve comparable proficiency with appropriate support. Key success factors include: (1) peer mentoring systems pairing tech-savvy junior employees with senior staff, (2) simplified interfaces removing unnecessary technical options, and (3) job-specific practice scenarios rather than abstract exercises. This paper further explores the critical need for training older adults in Generative AI (GenAI). While GenAI offers transformative potential across various sectors, ensuring equitable access and its adoption requires addressing the specific challenges faced by older populations. These challenges include digital literacy gaps, concerns about data privacy and security, and the need for user-friendly interfaces especially for older population who might be largely non-technical. The paper examines recent literature and key considerations for developing effective GenAI training programs for older adults, emphasizing the importance of foundational digital skills, accessible language, personalized learning, and ongoing support. Additionally, this study highlights the digital divide faced by older adults, emphasizing the need for structured AI training programs. Furthermore, it analyzes future projections of GenAI’s impact, highlighting the necessity of upskilling and reskilling the workforce, including older individuals, to bridge the emerging GenAI skills gap. The paper categorizes and quantifies the types of sources used to support its claims, providing a comprehensive overview of the current state of research and expert opinion on this topic with tables, graphics and charts. By addressing the unique needs of older learners and preparing for the future of GenAI, we can foster digital inclusion and empower all members of society to benefit from this transformative technology. This paper also examines the impact of Generative AI (GenAI) and Agentic AI on the financial services sector, with a specific focus on workforce training and upskilling. Key findings from literature indicate that by 2027, 80% of the engineering workforce will require AI-related upskilling (Gartner) and AI-driven automation can reduce manual data tasks by up to 80% (West Monroe). For example, in banking, AI adoption has led to tangible productivity gains, such as Capitec Bank employees saving over one hour per week using AI tools (as suggested by recent reports). The paper categorizes and quantifies recent AI adoption trends, workforce transformation data, and financial efficiency metrics to provide a comprehensive condensed overview of the evolving AI landscape in financial services based on recent reports.