Together we turn Uncertainty into Action: Understanding the Role of Artificial Intelligence in Supporting the Financial Concerns of Older Adults

Artificial Intelligence (AI) advancements have transformed digital banking by offering services such as personalized recommendations and interactive chatbots. However, only some AI systems target older adult users, given their relatively low usage of digital banking. Conversely, older adults may benefit the most from AI as handling finances becomes increasingly crucial after retirement. Our paper aims to fill this gap by 1) understanding the everyday financial concerns of older adults near retirement age and 2) exploring interests and needs in AI supporting their financial concerns. To understand the perspectives of older adults regarding the support of financial needs with AI, we conducted co-design workshops with 14 older adults. Our findings revealed three key concerns: retirement planning, grown children’s education and marriage expenses, and family healthcare costs. Also, participants were willing to use AI to glean the financial information they lacked and grow self-efficacy. Finally, we discuss the design opportunities of using AI to support older adults’ financial decisions.