FinTech can enable older adults' financial freedom

The 21st century has given people new ways to manage their everyday affairs using advanced technology. Money management is one of the areas made more accessible because of this. Financial technology -- more commonly known as fintech -- typically refers to apps that streamline managing 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 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 heightened accessibility. Rather than planning a bank trip to meet with a consultant -- which might make you keep putting it off -- control of your finances is at your fingertips.

Why Seniors Should Use Fintech

Fintech tools and apps can be especially useful for senior citizens. 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 can also find fintech apps helpful. Rather than having to go to the bank to withdraw money or manage their finances, they can simply go on their 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 for recovering lost finances is especially important for seniors, who may not have an income source and may rely on that lost money.

Fintech Tools For Older Adults

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

Silverbills

Silverbills is a unique app that makes using computers or mobile devices optional. Clients have the option to contact a U.S.-based account manager assigned to their account to help them manage their funds through the app.

Providing this service allows seniors to meet with a financial advisor within the company rather than hiring a third party to consult with. It also lets seniors manage their money in one place, reducing the risk of scams or someone stealing their identity.

True Link Financial

True Link is a series of fintech tools and services offered by Visa. These services help protect seniors against financial fraud and allow their loved ones to help look over their finances. The main feature of the service is the True Link Visa debit card -- the beneficiary, their caregivers 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 use their money responsibly, in addition to various security measures such as purchase and withdrawal alerts. The service can also help seniors and those with special needs avoid being disqualified from receiving Supplemental Security Income.

Carefull

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

Trust & Will

Estate planning and will creation are one of the main 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 process of estate planning and settlement.

After creating an account, clients can choose a plan and a service to organize their will, trust or probate. Trust & Will also offers access to a team of experts to contact for assistance or advice on any kind of plan.

Seniors Can Benefit From Fintech in Many Ways

From financial management to security and estate planning, there are numerous ways fintech can assist senior citizens in their everyday life. In addition, more startup companies are developing fintech services specifically to meet the needs of older adults.  In the near future, seniors who learn to use fintech tools can stay financially stable and independent for a much longer time than ever before.

Photo Credit:  Ljupco Smokovski/Shutterstock

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