May 25, 2017
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.