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Financial Longevity Challenge: Announcing Our Top Ideas

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Our Financial Longevity Challenge asked for innovative financial products and services for credit union members over 50. We've been blown away by the ideas, contributions, and collaborations since the launch in October. From hackathons and workshops to participation from credit unions, design students, and the OpenIDEO community, it’s been inspiring to witness so many people come together behind this challenge.

Special shout-out to our Community Prototypers – Michael, Jaskeerat, and Sarah – who were super active thought leaders from within our OpenIDEO community. They worked with three idea owners to make their concepts come to life and test them in the field. And to Anne-Laure and the incredible students at NYU who added rich research, unique ideas, and active testing to the mix.

It’s been a bit of a whirlwind, but we’re excited to say that after carefully considering many truly excellent contenders, we’ve narrowed the list to five finalists for the $10,000 THINK Prize.

All Generation Friendly ATM
 — The Friendly ATM will give credit union members more confidence when using ATMs by allowing them to take time when setting up transaction details while they are at home. Once transactions details are confirmed, the transaction will be automatically brought up then next time the user logs-in to an ATM. 


The “Not So Retired Life” Podcast— 
This initiative seeks to empower individuals over 50 years old to re-frame the way they approach retirement so they can live a long, fulfilling life, in a financially sustainable way. This proposed podcast will share stories of the real experiences of people in their late careers/early retirement. 



Rightsize

— This initiative seeks to help those over 50 who are looking to relocate or change their living situation to reflect their current life circumstances. Through a web and mobile platform, “Rightsize” will help users develop their ideas about retirement,

 


Incubator Club for Credit Union Members
— This team proposes an “incubator” for credit union members over 50, where they can pursue their small business dreams and connect with their community. In this way, people in this age group can remain active, develop a project they always wanted to work on and help someone by providing expertise. 


Leverage Trust to Create Personal Pensions— 
This initiative seeks to create personal pension products for individuals and distribute them via credit unions. It will support the dreams and obligations of 50-plus consumers by creating a steady income stream from their earlier savings. 



We hope that everyone passionate about this topic will continue to collaborate, refine, and work at bringing ideas to life. Help us celebrate your efforts by sharing your story in the upcoming Impact Phase. The Impact Phase is a space to post updates on how projects are progressing beyond the challenge. Use this template to guide your thinking.

Congratulations to our Top Ideas and thanks to our entire community for joining the collaborative effort to create financial services that support the dreams and obligations of those 50 and older.

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