Low- to moderate-income older adults face unique financial challenges. How well are current fintech solutions meeting them?

Interviews with home care workers reveal how even well-intentioned raises can lead to benefits cliffs that cause workers to lose out on public benefits – putting them in a worse financial position overall.

Our findings suggest that investing in the financial health of workers in low-wage jobs – defined as earning up to $17 per hour in hourly wages or up to $35,360 per year in annual wages – can be an effective strategy for employers to ensure a stable and productive workforce.

Key Finding: Low- to moderate-income (LMI) frontline workers are less likely to be Financially Healthy than non-frontline LMI workers.

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.

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.

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.

Millions of Americans are raising children in households with poor family financial health and limited financial resources.

The U.S. Financial Diaries (USFD) is a research study collecting detailed financial data from more than 200 low- and moderate-income households over the course of a year.