Join us. We’re looking to revolutionize financial services for a different segment of the American population: adults 50+. CO-OP, MasterCard and OpenIDEO are once again partnering for THINK Prize 16: The Financial Longevity Challenge. For the next three months, the credit union movement, OpenIDEO’s innovators and consumers from around the globe will be collaborating to create new products and solutions aimed at adults over 50. The top ideas will share the $10,000 THINK Prize. Massive Demographic, Diverse Needs This is a massive demographic with diverse needs. If you’ve been following the LaunchPad series on the THINK blog, maybe you have already begun thinking about the challenges facing the 111 million Americans who are 50+. They are the largest demographic in the U.S. and they’re in transition:
- According to a study by Nielsen-BoomAger, this cohort will control 70 percent of the nation’s disposable income by 2017. They also control 80 percent of the nation’s wealth.
- They stand to inherit $15 trillion in the next 20 years.
- 10,000 baby boomers turn 65 each day. Only 11 percent have used a retirement calculator to estimate the savings they’ll need in retirement, according to a 2015 survey by Transamerica.
- The National Association of Home Builders estimates the aging-in-place remodeling market to be $20 to $25 billion, which is about 10 percent of the $214 billion home improvement industry.
- Research: Now through October 30: Anyone can share personal perspectives and examples on the challenge topic.
- Ideas: October 31-November 27: Submit and comment on new ideas.
- Feedback: November 28-December 4: During this short Feedback phase, approximately 25 ideas will be selected to go into the Refinement phase.
- Refinement: December 5-December 30: Selected ideas will be refined and built out by the idea authors and their teams.