Managing Money in Retirement
SMARTPHONES, SENIORS & FINTECH—THE NEW NORMAL
With the aging of the baby boomers, and more Americans starting families later in life, many adults who are 50 and older may find managing their financial lives to be a challenge. This is particularly true for the low to middle income population (LMI), who are trying to make ends meet, from paycheck to paycheck. A March piece in Nextbillion.net highlights how innovative solutions, and fintech—in particular—can improve the lives of seniors. As stated by Karen Andres, from the Center for Financial Services Innovation (CFSI), “While there’s a long-standing belief that older Americans are less willing or unable to embrace technology, research shows that’s a fallacy.” Surprisingly, a whopping 99 percent of people over 50 own a tablet, laptop or desktop device, and 76 percent own a smartphone, according to a 2017 report from AARP. “These numbers are only expected to increase in the coming years, opening up a population of 50 million people in the LMI 50+ cohort alone to prospective fintech innovations,” according to Andres. The piece then describes three examples of fintech solutions that serve to help seniors manage and protect their money. They include EverSafe, a financial monitoring platform that alerts seniors and designated others with respect to suspicious activity, Earn, a gamified savings tool and Blueprint Income, a solution that enables customers to make monthly contributions that become an insurer-guaranteed annuity.