Maintaining your financial independence is important at every stage of life. Financial technology tools can help. If you’re transitioning to a senior living community, these tools can make the move right along with you. And if a family member is helping you manage your finances, digital tools can simplify that and give you both greater peace of mind.

How Tech Helps Seniors Support Financial Autonomy

The World Economic Forum notes that emerging technologies are transforming the financial services industry in multiple ways, especially with the advent of AI. Digital tools empower independent and assisted living residents to maintain direct control of their finances.

Streamlined Convenience

Digital resources provide options for those with busy lives that manage finances without leaving home. And most platforms offer multiple customer service contact options such as live chat, text, email or phone to resolve problems or ask questions.

Portability

No matter where you live, you have everything you need at your fingertips through your smartphone, tablet or laptop. If your care needs change, many of these same tools can facilitate and simplify family assistance with financial oversight.

Proactive Support

Many apps and platforms incorporate educational resources so you can sharpen your financial management skills and make better-informed decisions about budgeting, estate planning or investing.

These features work together to create a personalized financial experience that adapts to you. There is an impressive array of features, so it’s important to explore different options to find the apps that will be most effective for you. 

Shared Access

For seniors who may be experiencing cognitive changes, shared financial management tools enable a family member to monitor accounts and transactions, ensuring all is well, and to take over primary responsibility as that becomes necessary.

For seniors transitioning into skilled nursing, digital financial resources can be extremely helpful. If you’re in for a temporary rehabilitation stay or you’re receiving care for long-term health needs, you can still maintain control of your finances if you desire, since there’s no need to go elsewhere to conduct your business.

Whatever tools you’re already using, you’ll be able to easily take them along when you move into senior living. But you might want to consider expanding your digital portfolio. 

Digital Finance Tools for However You Live

As you explore digital financial options, consider which of these tools might best suit your lifestyle and preferences:

• Online calculators speed up and simplify common aspects of determining senior living costs.
• Financial planning and wealth management apps such as Monarch and YNABl are popular for setting goals and a budget, tracking spending and account balances and managing investments. Some offer proactive advice such as recommending subscriptions you could eliminate to save money.
• Cash transfer apps such as Venmo, PayPal and Zelle allow you to send money to anyone else who also has an account, whether you’re sharing a dinner tab, repaying a personal loan, sending your granddaughter some extra cash or making a purchase. The money comes straight from your bank account or credit card.

Tom Kamber, executive director of the AARP’s Older Adults Technology Services (OATS), says these apps are “more secure than carrying around a bunch of cash,” because they use back-level encryption, tokens that disguise your data or other security protocols.

Some banks allow you to make recurring payments such as utility bills, directly from your account via the bank’s website. This eliminates having to go to each vendor’s website to pay your bills.

Concerned about your credit? Credit Karma and Credit Sesame are two apps that allow you to monitor your credit score for free. They will alert you to potential fraud and also offer tips to boost your score.

Another helpful tip is to go paperless! Transitioning to senior living typically means downsizing, and getting rid of paper is a great way to save space. Ask all of your online financial entities to provide digital-only bills and statements.

While these simple tools offer big advantages, advances in AI are taking financial management to new levels of convenience and customization.

AI Is on Your Side

With AI becoming more prevalent in our day-to-day lives, it’s no surprise that there are AI-powered finance apps that can benefit seniors. AI augments automation to simplify tracking, identify potential spending savings and facilitate account sharing if desired. The following popular platforms are AI-powered, and all but Simplifi allow shared log-ins so couples or a senior plus another family member can both access some or all of the data.

• Empower
• Honeydue
• Monarch Money
• Quicken Simplifi

Security Considerations

Personal privacy and financial data security are of utmost importance when it comes to managing senior living costs. Financial Technology companies and apps are typically heavily protected, and many use encryption, but they are all different. Be sure to investigate any app’s security measures and the company’s reputation before deciding which tools to download and use.

These digital financial tools can help seniors maintain their independence and quality of life. With the right technology and support systems in place, you can enjoy peace of mind knowing that your finances are secure and accessible throughout all of life's changes.