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Interview with a Finance Executive who also happens to be 50+

Reaching 50, instead of simplifying your life, it gets complicated with the addition on Social Security, Medicare, etc. How do you simplify?

Photo of Adhish Patel
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I got a chance to interview a finance executive who also happens to be fifty plus. He has a variety of experience in the financial sector and is also a part of the growing FinTech sector. I told him about this challenge and started a conversation with him.

The very first thing he told me was, "Reaching 50 is very confusing and complicated." This statement got me interested and I tried to dig deeper. He added, "Even a financial expert like me gets confused with my social security, medicare, supplement, etc." Upon asking him why he told me, "The reason is people are not being educated to when to take their social security? Do iI take at 60, 65, 70, no one knows. And Along with social security comes the complexity of health insurance, Is my medicare enough, do I need any additional supplement on that? As the medicare doesn't cover everything."

As he was an expert in the field I asked him how your wife feels about the same thing. He answered, "She gets totally confused about all these things." Then just out of my curiosity, I asked, "How does she find banking in general?" He told me, "She hates everything about banking." This really surprised me as it was coming from the wife of a financial executive. And I pondered, If this is the case with the partner of a finance executive what would be the scenario for a layman?

Continuing the conversation with him I asked, "What can we do about these complexity and how can we simplify it?" Here's when talking to an expert helps. He gave me a solution which really made sense. He told me, "Why not Banks create a system where you have certain assets under management with them and they take care of your social security, medicare, etc.?" According to me, this made sense. Banks have what they want and generation 50+ have their life simplified. Also, as per the challenge brief, population over 50+ hold 83% of the total household wealth. Why not use that wealth to simplify your life? 

You get your wealth managed by experts as they currently do but along with that, they get facilities for understanding their social security, medicare, and other complexities.

This interview was really insightful for me and I hope it helps other OpenIDEO members as well.

What is a provocation or insight that might inspire others during this challenge?

The ability of banks to simplify the life of 50+ population by offering them services to manage their Social Security (like when should they take their Social Security, what age?), Medicare (Is the medicare enough, if they need to add supplement then which supplement should be taken?) and other complex things. There is an opportunity in terms of business to simplify lives of the aging population.

Tell us about your work experience:

I have worked in the Innovation & Entrepreneurship sector. I have experience in Design Thinking and have also worked in the areas of sustainable technologies and innovation.

Specifically, please check all that apply:

  • I'm not currently involved in a credit union, but am curious to learn more!


Join the conversation:

Photo of Kate Rushton

Hi Ashish! 

Thank you you for posting. It is interesting that even someone with a financial background struggles to know what their financial needs are in terms of social  contributions and Medicaid.

It would be interesting to know what the barriers are that prevent banks/credit unions from offering these services. 

Have you seen Hasan Ahmed Ansari post here?

I think there are some interesting connections that may inspire a few solutions. 

Photo of Adhish Patel

Kate Rushton , I really find the connection interesting. And it is an interesting question, to be asked to the banks or credit unions about the barrier to offering these services. I think it is mainly because banks are focusing on minimizing their operation costs. Banks have started closing their physical locations and enhancing their online systems.

If I get a chance, I would definitely would like to ask this question to Credit Unions. As they defer from typical "bank ideology".