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Research Paper

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

Most low-to-moderate income (LMI) older adults are financially challenged to reach retirement and maintain their quality of life as they age. This report showcases research insights and design features that financial service providers can leverage to better support the needs of this group as they approach retirement, produced in partnership with the Institute of Consumer Money Management.

Thursday, February 25, 2021
 Designing Digital Financial Advisory Tools for Low-to-Moderate Income Older Adults

Summary

Most low-to-moderate income (LMI) older adults are financially challenged to reach retirement and maintain their quality of life as they age. This report showcases research insights and design features that financial service providers can leverage to better support the needs of this group as they approach retirement, produced in partnership with the Institute of Consumer Money Management.

Top Takeaways

Based on our user research, we recommend supporting the needs of LMI older adults through digital financial advising tools that can:

  • Provide social and emotional support

Help LMI older adults overcome concerns that financial advising isn’t for them

Address evolving and diverse needs holistically

See It In Action


Explore a preview of a digital financial advising tool prototype, designed to illustrate how innovators can incorporate our report findings into their product designs, produced in partnership with Dalberg Design. To further engage with this work or view the full clickable prototype of the digital financial advising tool, contact Farah Manjiyani or Stephen Arves.

Our Supporters

This report is made possible with the support of the Institute of Consumer Money Management.

This report uses data and analysis from Dalberg Design, the design and innovation practice at Dalberg.

 

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

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