Improving the financial wellbeing of elder adults

As the population ages, credit unions have a unique opportunity to support elder members and their caregivers through personalized financial tools. Many senior members and their families face financial challenges tied to estate planning, healthcare costs, and managing everyday expenses. By offering Paperwork as a financial wellness solution, credit unions can empower elder adults and their caregivers with tools that simplify financial management and improve long-term financial well-being.

Here’s how Paperwork can support elder adults and their caregivers:

1. Estate planning tools

Navigating estate planning can be complex for elder adults and their caregivers. Paperwork offers tools that help members securely manage wills, power of attorney documents, and other essential records in one place. Through our partners, we even offer estate plans for free. This simplifies estate planning and ensures that critical financial transitions happen seamlessly when the time comes.

2. Simplified financial management

With multiple accounts, investments, and pensions, elder adults may find it difficult to manage their finances. Paperwork offers an intuitive platform that simplifies tracking income, expenses, and savings in one place. Caregivers can also gain secure access to help manage the financial aspects of caregiving, without overstepping the elder adult’s control of their finances.

3. Caregiver support with financial access

One of the biggest challenges caregivers face is managing financial accounts without disrupting their loved one’s autonomy. Paperwork offers secure, permission-based access so caregivers can assist with monitoring spending, or ensuring financial goals are on track, without compromising financial independence.

4. Educational resources on senior finances

Paperwork includes a wealth of financial education tailored to the unique needs of credit union members at any life stage. For elder adults, this content can extend to essential topics such as Social Security benefits, Medicare/Medicaid, and tax planning for retirees, giving members and caregivers the knowledge they need to make informed decisions about their financial futures.

5. Debt and expense management

Some elder adults may still be managing debt or struggling with unexpected expenses. Paperwork offers tools to help them reduce outstanding debt and better manage day-to-day costs, ensuring they remain financially secure throughout their retirement.

6. Digital organization

Paperwork offers a digital vault that allows elder adults and caregivers to securely store and access crucial documents whenever needed. Whether it’s healthcare documents, insurance policies, or other important records, the digital vault ensures that everything is in one easily accessible place—especially during emergencies.

Empower your members today

By incorporating Paperwork into your credit union’s financial wellness offerings, you can empower elder adults and their caregivers to manage their finances with confidence. In doing so, your credit union can foster deeper member relationships, increase loyalty, and provide invaluable services to those who need it most. For more information, schedule a consultation with us today.