One-to-one with Geezeo: Theodora (Theo) Lau
In this installment of Geezeo One-To-One, Amy Hibbard spoke with Theodora (Theo) Lau, Founder of Unconventional Ventures, to discuss the benefits of technology and innovation for older demographics and how it can empower them to create the financial future that they want.
Geezeo: Do you see technology moving to meet the unmet needs of older adults? Or do you think there is still considerable work to be done?
Theo: I think there is still considerable work to be done. The biggest hurdle isn’t so much due to the technology not being there – it’s the mindset on how and where the technology can be utilized. Technology by itself should be age-blind; the same solution that helps younger generations figure out if they can afford to buy a home can be used to help sandwiched generations plan for finances between multiple households. As I often said, financial planning should be personalized based on life events and aspirations. Decumulation is a great example – and unless you can afford a financial advisor, it is not easy to figure this out on your own.
Geezeo: In what ways do you see Fintech specifically meeting the needs of older consumers and their caregivers?
Theo: There are quite a few use cases. Financial exploitation is a big challenge for older adults, and the loss can be substantial. There are ways that we can better safeguard their finances and a few FinTechs are doing interesting work there, including EverSafe and True Link Financial.
Providing financial care for your parents is another challenging area, especially at moments of crisis. This is the premise of Evin’s startup, Golden, which helps caregivers get organized and plan ahead. Similarly, Onist connects family members around their financial data and documents and provides a complete view of their family’s financial picture.
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