How might we create financial services that support the dreams and obligations of those 50 and older?
While our “halfway point” of life was once considered to be 35 or 40, we’re now looking at 50 years of age as a turning point. What’s the impact of this longevity? On one hand it means more time to learn new skills, travel, be with family, and lead a rich life. Alternatively, enjoying longer lives with changing needs has become a compelling healthcare, housing, and economic challenge.
For our Challenge, we’ll keep the focus narrowly on the economic impact. Specifically, the importance and increased relevance of financial services as we get older. Did you know that consumers over 50 represent 35% of the US population and collectively hold 83% of total household wealth? When we hit 50 our life in some ways is just starting – we might be growing our careers, paying off a house, planning for retirement, and thinking about how to save for those big dreams we still wish to accomplish. Many over 50 are also transitioning from being the primary caregivers for their children to being caregivers for their elderly parents. Our 50s are a reflection point for a lot of us. Will we have enough money for our expenses? How will we pay? Do we prioritize certain expenses over others? What will we be able to pass along to the next generation?
We’ll be focusing on financial products and services for those 50 or older, coupled with the impact that successful financial management has on our communities. As this age group works toward financial security, we’re interested to see and hear how improving the financial health of those over 50 may also benefit our communities as a whole. For this Challenge, we see credit unions with their member centric missions as a key lever in our search for solutions. Credit unions are member-owned and exist to serve their members and be a safe place for saving and borrowing. They’re focused on community and often linked to local organizations. We believe there’s huge potential in starting here as we design financial services for longevity. Let’s create solutions that provide security and joy to those who are older and their families. Curious to know more about credit unions? Learn more.
This is an opportunity that requires attention, creativity, and collaboration, and our OpenIDEO community is a perfect place to build and discover innovative solutions. We all have an important role to play in ensuring our future – and the future of our loved ones – is financially smart, simple, and secure.
Awards:- Funding and collaboration opportunities