The 21st century has provided people with new ways to manage their daily tasks using advanced technology. Money management is one area this has made more accessible. Financial technology (more commonly known as fintech) usually refers to apps that streamline the management of financial accounts and transactions.
Most fintech apps are aimed at younger generations, but older people can also benefit greatly from learning how to use fintech.
What are fintech tools?
Even if you’ve never heard the words you probably use fintech regularly to manage your finances. Most banks offer fintech apps that allow you to log in and see your money movements. Services like Venmo and Paypal also recommend using apps to manage your account.
Fintech is more than just managing money on your phone, specific apps allow you to apply for a loan or invest in stocks online. These digital tools are useful for many reasons, the most important of which is improved accessibility. Instead of planning a trip to the bank to meet with a consultant (which you may procrastinate endlessly), financial management is at your fingertips.
Why should seniors use fintech tools?
Fintech tools and apps can be particularly helpful for the elderly. Greater portability allows seniors to remain in control of their money without leaving home or asking for help, making them more independent.
Fintech apps can also help seniors with disabilities and assistance. You don’t have to go to the bank to withdraw money or manage your finances, you can easily access your account on your phone.
Fintech tools can also help seniors manage cash flow in the event of a personal emergency or disaster. Developing a plan to recover lost finances is especially important for older people that may not have a source of income and that may rely on that lost money.
Fintech tools for seniors
Due to the increased use of apps during and after the COVID-19 pandemic, many start-ups are developing fintech apps specifically with seniors in mind. These apps are specifically tailored to meet the most common financial needs of seniors.
Silverbills
Silverbills is a unique app using a computer or mobile device option. Clients can contact the US-based account manager assigned to the account to manage funds through the app.
By offering this service, seniors can meet with an in-house financial advisor rather than hiring a third party to consult. It also reduces the risk of fraud and identity theft as seniors can manage their money in one place.
True Link Financial
True Link is a series of fintech tools and services Visa provided. These services help protect seniors from financial fraud and allow loved ones to check their financial status. The main feature of this service is the True Link Visa debit card. The card can be managed by the beneficiary, their caregiver, or a loved one.
Caregivers and loved ones can set up True Link cards with spending rules to help seniors use their money responsibly, in addition to various security measures such as purchase and withdrawal alerts. The service also helps older people and people with special needs avoid being disqualified for additional guaranteed income.
Carefull
Carefull is a financial safety and services app designed to protect the finances of seniors. It allows seniors to manage their finances via computer or app. Carefull’s services focus on security and many measures are in place to protect clients from theft and fraud. After creating an account, seniors can set up customizable alerts to notify them when a transaction or withdrawal occurred, who attempted the action, and where it came from.
Trust & Will
Estate planning and making a will is one of the main concerns of seniors. Trust & Will is an online estate planning service that allows you to make a will online in less than 10 minutes. The service also provides a guide for navigating the real estate planning and settlement process.
After creating an account, clients can choose plans and services to organize their will, trust, or probate. Trust & Will also gives you access to a team of experts for help and advice on all kinds of planning.
Seniors can benefit from fintech in many ways
From financial management to security and estate planning, there are many ways fintech can help seniors in their daily lives. Additionally, more start-ups are developing fintech services, especially to meet the needs of the elderly. In the near future, seniors who learn to use fintech tools will be financially stable and able to remain independent for longer than ever before.
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