The Never-Ending Financial Wellness Journey | Wednesday, March 13th
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The topic of financial wellness – and the reasons behind individuals pursuing it – is nothing new. A variety of solutions across financial budgeting, tracking, and planning have launched, and will continue to launch, across the financial services and FinTech space.
Even so, financial wellness is easier said than done, as many are continuing to work toward a solution that’s achievable in their everyday lives.?
According to a 2022 survey by the National Endowment for Financial Education (NEFE), 35% of U.S. adults say they are “just getting by financially” and worry that their money won’t last.?
In a world inundated with evolving financial technologies, the pursuit of well-being is not only a universal goal but a nuanced and often perplexing problem.
Empire Startups Contributor Stephany Kirkpatrick (Founder & CEO, Orum) emphasized in her piece earlier this year that traditional, financial wisdom frequently falls short in addressing the real-time needs of individuals and families. The gap between conventional advice and real-world applications is still a significant challenge for many.
This past fall, contributor Craig J. Lewis (Founder & CEO, Gigwage) pointed to a growing trend where freelancers and gig workers are becoming a substantial part of the workforce. With an estimated 73.3 million freelancers in 2023 and a projected 76.4 million by the end of? the need for adaptable financial solutions becomes increasingly evident. The gig economy is expanding rapidly, challenging traditional notions of job security and financial planning.
Last spring, Ron J. Williams (Partner, Co-Created) highlighted the emergence of the “bionic consumer”,?and the changing power dynamic between service providers and consumers. One big takeaway was that it’s now easier than ever for customers to understand and optimize all of their purchasing decisions: do I have the right financial products (rate, reward, cost, service, values, etc) given what my needs are today??
Consumers should be able to passively optimize their financial lives. But from new banks, to payment apps, to embedded finance players, how will they work with individuals to provide them the access to do so?
Financial wellness is not a one-size-fits-all solution; it requires an understanding of individual struggles and aspirations. As we continue to navigate the dynamic landscape of personal finance, it's imperative to acknowledge the diverse challenges individuals face, and work towards solutions that resonate with the masses.
It’s also important to note that one in six Americans is now 65 or older – a demographic that has grown 38% just this past decade. The average couple now spends over $300,000 on healthcare throughout retirement.
As society ages, financial products and services should continue to innovate and evolve.
We’re excited to announce the six founders who will be showcasing their financial wellness products on Monday, April 8th at our Financial Wellness Pitch Day in partnership with the AgeTech Collaborative from AARP.)
Each of these founders will be addressing the personal financial challenges many Americans face, alongside unique and innovative solutions that can grow with us as we continue to age:
Busayo Ogunsanya, Co-Founder, Muse
Muse is an AI-powered platform revolutionizing financial planning by providing customized scenario-based tax and financial insights to financial institutions.
Clark Hoefnagels, CEO, Catch
Catch is a cyber security company building technology to protect the vulnerable from cyber scams.
Jessica Eting, Co-Founder & COO, Flourish
Flourish is on a mission to empower people to establish positive money habits, licensing its customer engagement and financial wellness platform to financial institutions across the Americas.
Liran Eliner, Founder & CEO, Cache
While cash optimization is top of mind for most businesses, it is often neglected by households, with the average middle-class family losing thousands of dollars a year due to suboptimal cash management. CACHE introduces a fully-automated AI-powered solution for day-to-day finances.
Perry Halman-Peguillan, Co-Founder, SpendCare
SpendCare is a transaction monitoring and fraud detection platform that provides in-home care providers with a transparent and accountable way to purchase items for the 10+ millions seniors they support.
Rikard Steiber, CEO, GoodTrust
GoodTrust offers complete estate-planning and digital-security tools as well as ways to preserve and share the memories you’ve created online. These easy-to-use tools help you plan ahead to secure what’s important in the real world as well as the digital one.
Get a chance to see their pitches live, and register for this virtual event to kick off NY FinTech Week.
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