Assessing the Fintech Market Against Age-Inclusive Standards

Not only are older adults one of the fastest-growing groups in the U.S., but they also accounted for 22% of spending in 2022 – earning the notice of many innovators and investors.¹ Yet amidst growing attention to this segment, there’s a risk of missing the mark for millions of older adults with low- to moderate-incomes (LMI), who are less concerned about wealth transfers and more concerned about being able to meet their basic financial needs. With approximately 37.4 million LMI older adults in the U.S., there is a significant market opportunity to address this population’s acute – yet solvable – financial challenges. 

In this report, the Financial Health Network identifies the most common financial challenges confronting LMI older adults and provides standards for crafting solutions that are impactful in serving this demographic. We then benchmark current fintech solutions to gauge how well the market is meeting the needs of LMI older adults, identifying key opportunities for innovation and impact.