FinTech can enable financial freedom for older adults

The 21st century has given people new ways of dealing with everyday life with the help of advanced technology. Money management is one of the areas that has been made more accessible because of this. Financial technology – more commonly known as fintech – usually refers to apps that streamline the management of financial accounts and transactions.

While most fintech apps target the younger generation, older adults can also greatly benefit from learning how to use fintech.

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Why should you use Fintech tools?

Even if you’ve never heard of the term, you probably use fintech regularly to manage your finances. Most banks offer fintech apps that you can log into to see how your money is doing. Services like Venmo and Paypal also encourage you to use their apps to manage your accounts.

Fintech enables more than just managing your money on your phone – certain apps allow you to apply for loans online and invest in stocks. These digital tools are convenient for many reasons, the most important of which is increased accessibility. Instead of planning a trip to the bank to meet with a consultant – which can cause you to keep putting it off – control of your finances is easily accessible.

Why seniors should use Fintech

Fintech tools and apps can be particularly useful for the elderly. With how portable they are, seniors can continue to manage their own money without leaving home or asking someone to do it, allowing them to be more independent.

Older adults who have a disability and need assistance may also find fintech apps useful. Instead of having to go to the bank to withdraw money or manage their finances, they can simply go on the phone to access their accounts.

Fintech tools can also help seniors manage their cash flow in the event of a personal emergency or disaster. Developing a plan to restore lost finances is especially important for seniors, who may not have a source of income and can rely on the lost money.

Fintech tools for older adults

With the increase in app usage during and after the COVID-19 pandemic, many startups are developing fintech apps specifically with seniors in mind. These apps are tailored specifically to meet the most common financial needs of seniors.

Silver beak

Silverbills is a unique app that makes use of computers or mobile devices optional. Customers have the option to contact a US-based account manager assigned to their account to help them manage their money through the app.

By offering this service, seniors can meet with a financial advisor within the company instead of hiring a third party to consult with. It also allows seniors to manage their money in one place, reducing the risk of fraud or someone stealing their identity.

True Link Financial

True Link is a suite of fintech tools and services offered by Visa. These services help protect seniors from financial fraud and allow their loved ones to help oversee their finances. The main feature of the service is the True Link Visa debit card – the recipient, their carers or their loved ones can manage the card.

Caregivers or loved ones can set up the True Link card with spending rules to help seniors spend their money responsibly, as well as various security measures that alert on purchases and withdrawals. The service can also help seniors and those with special needs avoid being disqualified from receiving supplemental income.

Careful

Carefull is a financial security and service app designed to protect retirees’ finances. It allows older adults to manage their finances through their computer or app. Carefull’s services focus strongly on security and come with many measures to protect their clients against theft or fraud. After creating an account, seniors can set up customizable alerts to inform them when a transaction or withdrawal occurs, who attempted the action and where it came from.

Trust and will

Estate planning and making a will is one of the most important concerns for older people. Trust & Will is an online estate planning service that allows you to create a will online in 10 minutes or less. The service also offers guides to navigate through the estate planning and settlement process.

After creating an account, clients can choose a plan and service to organize their will, trust or probate. Trust & Will also offers access to a team of experts who you can contact for help or advice on all kinds of plans.

Seniors can benefit from Fintech in many ways

From financial management to security and estate planning, there are many ways fintech can help retirees in their everyday lives. In addition, several startups are developing fintech services specifically to meet the needs of older adults. In the near future, seniors who learn how to use fintech tools can stay financially stable and independent for much longer than ever before.

Image credit: Ljupco Smokovski/Shutterstock

Devin Partida writes about AI, apps and technology at ReHack.com, where she is editor-in-chief.