Understanding Older Adults' Long-term Financial Practices

Abstract

As older adults (OAs) approach retirement, their financial management requirements change as they shift from income to pension or other assets. However, existing interactive budgeting apps neither support this transition, nor facilitate long-term financial planning. Our research aims to understand OAs' technological, educational, and behavioural barriers toward the adoption of budgeting applications. It also aims to uncover the design requirements for long-term financial planning apps that would overcome these adoption barriers. For this, we conducted a contextual inquiry to understand seniors' financial management practices. In-depth qualitative data collected both from individual sessions and participatory design activities has revealed significant gaps between the capabilities of existing apps; the best practices around long-term planning; and the attitudes and behaviours of OAs. We present here an argument, based on the preliminary analysis of the field data, for approaching the design of senior-centred interactive budgeting apps from a behavioural change and educational perspective.