Partners
Financial Health Network
Silvur
Overview
Background
ICMM and the Financial Health Network partnered to advance digital financial advisory tools specifically tailored for low- to moderate-income (LMI) older adults. While there are currently 56 million LMI older adults in the U.S., many find existing digital financial advisory platforms challenging to access or difficult to use.
Previous ICMM-supported research identified specific strategies that could make these tools more supportive and effective for older adults, such as integrating socio-emotional support and designing for evolving financial needs. In 2023, Financial Health Network launched a collaboration with Silvur, a leading retirement-focused fintech, to apply these research insights to Silvur’s platform and assess their impact.
Initial Report Overview
In this qualitative research study, The Financial Health Network aimed to understand the financial advising needs of LMI older adults and to identify design features that providers can implement to support LMI older adults in successfully adopting and using digital financial advising tools as they approach retirement.
Insights
Studying the needs of LMI older adults.
LMI older adults face unique challenges that complicate their use of financial advisory tools. Retirement can feel uncertain, requiring support for both short-term needs and long-term financial planning. Many in this demographic are hesitant about financial advice services, viewing them as inaccessible or unsuitable. With these considerations in mind, Financial Health Network developed recommendations aimed at improving engagement and trust among LMI older adults.
Recommendations
Socio-emotional support: Ensuring users feel emotionally and socially supported in their financial goals and preferences.
Inclusive messaging: Overcoming perceptions that financial advice is “not for them.”
Dynamic tools: Providing advice tools that evolve with users’ financial situations.
These recommendations became the foundation for Silvur’s enhancements to its platform, with the ultimate goal of creating a more engaging, inclusive digital advisory experience.
Silvur Partnership and Design Enhancements
Silvur, a digital pioneer in helping Americans navigate retirement, became the implementation partner for testing the Financial Health Network’s recommendations for designing digital financial advisory tools. Silvur offers a white-labeled platform that provides personalized retirement education and tools to credit union members while also connecting them to relevant services. Key features like the “Retirement Score” provide users with data-driven projections of how long their savings might last based on thousands of inputs, including location-specific expenses and benefits like Social Security and Medicare.
Financial Health Network collaborated with Silvur to introduce several targeted design enhancements informed by previous research on LMI older adults:
- Onboarding Customization: A question added to the onboarding process allows users to indicate their financial health priorities, adding additional personalization to the experience.
- Personalized Content Delivery: The homepage displays customized content based on the user’s identified priorities, making information more relevant and accessible.
- Enhanced Socio-emotional Support: The homepage elevates a Social Security calculator, highlighting a widely-relevant topic to foster a supportive atmosphere for users, particularly those who may feel financial advice tools are not designed with their needs in mind.
Measuring Impact
To assess the impact of these enhancements, Financial Health Network deployed both qualitative and quantitative research methods to evaluate engagement and the financial health outcomes of users interacting with the new features. This evidence-based approach will contribute to a broader understanding of how tailored digital advisory tools can better serve the LMI 50+ demographic, ultimately improving user engagement and financial wellbeing.
Outcomes and Broader Influence
The project’s findings will help promote age-inclusive design standards within the fintech space, aligned with the Financial Health Network’s mission of making financial health accessible to all people, especially the most vulnerable. By testing and refining these standards through real-world implementation, the partnership aims to create a scalable model that other financial services providers can adopt. These insights have the potential to spark further innovation among large and small financial institutions, encouraging more inclusive digital solutions for LMI populations.
Reports and Resources
In addition to the insights gained from the Silvur collaboration, Financial Health Network has produced several related reports in the last several years to share findings and recommendations with the broader community, including:
- Assessing the Fintech Market Against Age-Inclusive Standards
- Fintech Over 50: Designing for Low- to Moderate-Income Older Adults
- Redesigning the Financial Roadmap for the LMI 50+ Segment
These reports aim to share research learnings with stakeholders across the financial services industry, advocating for inclusive practices that support financial resilience and stability among older adults.
Looking Ahead
As we build on this year’s successes, Financial Health Network and ICMM are focused on scaling the impact of our research and recommendations. By sharing the results of our impact study of Silvur’s design enhancements and the effectiveness of inclusive design strategies, we hope to influence the next wave of digital financial advisory tools and ensure they meet the needs of all older adults, regardless of income level.
White Papers
Initial Report
