Research Paper

Redesigning the Financial Roadmap for the LMI 50+ Segment

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.

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Monday, February 11, 2019
Redesigning the Financial Roadmap for the LMI 50+ Segment

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.

5 Key Challenges

Using real-life stories from our research, the Financial Health Network introduces five personas who represent the most urgent financial issues facing the LMI 50+ today

The Savings Shortfall: Doreen, a 59-year-old retired police officer, doesn’t have sufficient short-term, emergency savings – a challenge for 51 percent of the LMI 50+.

The Debt Burden: Just like Leonard, a 55-year-old construction worker, 39 percent of the LMI 50+ have unmanageable debt.

The Physical-Financial Fault Line: Marta, 60, struggles to hold a steady job because of a nagging back injury. Many of the LMI 50+ aren’t adequately protected from medical shocks.

The Retirement Reality: Ronald, 73, cobbles together odd jobs after being laid off, making him one of the many LMI 50+ unable to retire completely.

The Catch-22 of Family: Tracy, 64, passed up a larger pension when she retired early to care for her grandson. Family obligations impact financial health both positively and negatively for this segment.

Data Spotlight

The LMI 50+ are lagging behind their higher-income peers when it comes to financial health, presenting real challenges for this group as they age.

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Our Supporters

This report is made possible through the financial support of AARP Foundation. The opinions expressed in this report are those of the Financial Health Network and do not necessarily represent those of our sponsors.

U.s. Financial Health Pulse Funders And Partners

This report uses data from the U.S. FinancialHealth Pulse®, a groundbreaking research initiative designed to shed light on the financial lives of Americans. Using a combination of consumer surveys and transactional data, The Pulse provides a regularly refreshed snapshot of the country’s financial health.

The U.S. Financial Health Pulse is made possible through a founding partnership with Flourish, a venture of The Omidyar Group. Additional support is provided by MetLife Foundation, founding sponsor of the Financial Health Network’s financial health work, and AARP.

The Financial Health Network is partnering with the University of Southern California Dornsife College’s Center for Economic and Social Research to field the study to their online panel, the Understanding America Study.

The Financial Health Network is working with engineers and data analysts at Plaid to collect and analyze transactional and account data from study participants who authorize it.

Interested In Learning More About The Pulse?

See our latest research, news updates, and what’s next for this unprecedented initiative.

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Redesigning the Financial Roadmap for the LMI 50+ Segment

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