The 50+ Segment Will Spend $15 Bn on the Alternative Financial Services Sector by the End of 2017. What Are We Doing to Meet Their Needs?

Innovation in the financial services industry often aims to democratize access to financial products for the masses, boosting financial sustainability and long-term resilience for unforeseen circumstances. There is a particularly vulnerable group, however, that has not been tended to amidst the millennial hype – the 50+ demographic.

The 50+ consumers increasingly find that their needs are not met by bank offerings alone. Meanwhile, a recent study by the American Association of Retired Persons (AARP) called Financial Innovation Frontiers, found that this segment will spend $15.3 billion in the fast-emerging alternative financial services sector by the end of 2017, and that number is expected to grow by a healthy 4.25% annually through 2021.

Further, we will dive into fascinating findings by AARP, indicating an overlooked opportunity for financial innovation for the 50+ group, and potential financial implications.

Financial stress factors that increasingly are part of life of the 50+ demographic in the 21st-century economy

  • The impact of unexpected expenses and financial emergencies
  • The realities of caregiving for pa ...
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