Designing Digital Financial Advisory Tools for Low-to-Moderate Income Older Adults

The financial picture for Americans over 50 looks far different than it did a generation ago, leaving low- to moderate-income (LMI) Americans especially vulnerable as they age. Using data from the U.S. Financial Health Pulse, the Financial Health Network identifies five challenges for the LMI 50+ and opportunities for providers to support this fast-growing segment.

Despite their widespread use of technology, many adults 50 and older find it challenging to handle day-to-day financial needs online. However, shifting financial management systems online has become critical for older generations that face the greatest health risks from COVID-19. Through qualitative, human-centered research, the Financial Health Network uncovered barriers that inhibit older adults’ adoption of fintech, such as negative stereotypes about their tech savviness and concerns about losing granular control over their finances. This report offers recommendations for fintech customer experience design that financial services innovators can use to overcome these barriers and join older adults as partners on their journey toward financial health.