About F4L Academy

With the rising life expectancy in the Western World, there are growing changes in how people live, work, spend, save, and pass on their wealth to the next generations.
‍
‍The Longevity Economy outlook by the AARP found that the 50-plus age cohort contributes $8.3 trillion to the U.S. economy each year, or 40% of the U.S. Gross Domestic Product (GDP). In 2030, when the first of the millennials are about to turn 50, the 50-plus age group will contribute $12.6 trillion to the U.S. economy. By 2050, when Gen Zers will be turning 50, the 50-plus age group will contribute $26.8 trillion to the U.S. economy.

In terms of direct spending, 56 cents of every dollar spent in the U.S in 2018 was attributable to the 50-plus population and this share is set to increase to 61 cents by 2050. It is estimated the 40 percent of the direct spending of the 50-plus age in the U.S. is attributed to financial services.

At the same time, according to the Global Findex Database 2021 only 26 percent of adults were saving for old age—53 percent in high-income economies and 19 percent in developinge countries. Therefore, there is a growing need for financial technologies (Fintech) to play a central role in the aging process, by offering innovative solutions to plan, monitor and finance a longer life. In light of these changes, Fintech for Longevity Academy has developed a unique curriculum to recognize the value of Fintech as a driver of financial resilience for people as they age no matter where they are around the world.
‍

‍