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.

In this report, the Financial Health Network looks at long-term savings and beyond to understand how day-to-day financial challenges of LMI pre-retirees and retirees are getting in the way of their long-term financial health.

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.

Now more than ever, older adults are at greater risk of medical emergencies. Yet many are also caretakers for family members – making them even more susceptible to medical financial shocks.

For older adults living on fixed incomes, constant budgeting often isn’t enough to afford basic essentials – forcing them to make tradeoffs that are even more acute in the wake of COVID-19.

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.