Lessons in Design: Engaging Older Adults With Digital Advisory Tools

As older adults navigate an increasingly complex retirement system, many struggle to access and apply relevant, trustworthy financial guidance. Just 38% of U.S. households aged 50-64 reported confidence in meeting their long-term financial goals, and many low- to moderate-income (LMI) older adults reported feeling unable to access or afford financial advice.^1,2

Digital advisory tools offer a promising pathway to improving retirement outcomes. Yet barriers like low confidence and trust can limit adoption and engagement. To better understand how digital tools can support older adults’ financial health as they plan for their golden years, we partnered with Silvur, a digital retirement planning platform, to apply and test targeted design enhancements. These included small but meaningful changes, such as surfacing key features more prominently and incorporating new onboarding questions to guide content personalization. 

Using a multiphased approach, the Financial Health Network and Silvur tested these design concepts through usability testing, an A/B test, and follow-up interviews. These findings offer actionable guidance for financial institutions of all kinds seeking to offer digital tools that engage users, provide trustworthy advice, and support holistic financial health.

To better understand what older adults were seeking when using Silvur, we implemented an onboarding flow asking users to select from a range of everyday financial health goals. Users could choose as many priorities as they liked, and home content was then tailored to match their priorities.

Figure 1. Understanding when to elect Social Security was a top priority.
Percent of new users who selected each financial priority in the enhanced onboarding experience.

N = 1,769
Onboarded new users in the enhancement group who selected at least one priority. Options not mutually exclusive.

This research was made possible through the support of the Institute of Consumer Money Management (ICMM), whose commitment to advancing financial well-being for low- and moderate-income populations helps drive innovative, evidence-based solutions.