WHAT?

Dalberg Design partnered with the Financial Health Network and the Institute for Consumer Money Management to develop an inclusive digital financial coaching solution for low- and middle-income Americans over 50 (LMI 50+). Over the course of 2 sprints, we conducted in-depth human-centered research, co-design, and prototyping to surface actionable design principles and product recommendations tailored to this often-overlooked demographic.

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We developed actionable design principles, recommendations for accessible and affordable fintech and a digital financial coach demo capable of equipping LMI pre-retirees with the knowledge, strategies, and self-confidence necessary to prepare for quality of life in old age. 
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WHY?

In the United States, more than 56 million adults aged 50 and over live on low-to-moderate incomes, facing significant concerns about their financial security and quality of life as they age. LMI pre-retirees often struggle to make ends meet, living paycheck to paycheck and lacking adequate resources to plan for old age. Some are forced into early retirement due to unexpected health shocks, job loss, or family obligations, while others must prolong their working years to manage their expenses.

Traditional financial services are typically tailored to higher-income earners or younger demographics, leaving LMI adults significantly underserved. While financial advice—from personalized counseling to digital tools—offers potential solutions, current options are often prohibitively expensive or unsuitable for LMI older adults. Additionally, existing digital financial tools often fail to understand this demographic's technology usage and preferences, thus proving ineffective.

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OUTCOME

The insights and recommendations derived from the foundational research and co-design sprints culminated in the publication of two comprehensive reports: Fintech Over 50: Designing for Low- to Moderate-Income Older Adults and Designing Digital Financial Advisory Tools for Low-to-Moderate Income Older Adults. These reports encapsulate key findings and actionable strategies tailored specifically for addressing the financial needs of low- and middle-income pre-retirees in the US.

Additionally, in collaboration with the Financial Health Network we hosted a series of socialization sessions directed to financial service providers (banks, credit unions, nonprofit organizations, and fintech developers). These sessions served to disseminate critical insights from the reports, equipping providers with essential knowledge to inform the development of new products and services. By bridging research with practical application, these efforts aimed to foster a more inclusive financial landscape, better serving the unique needs of this underserved demographic.