Author: Lars Peterson / Source: Wise Bread
If you’re like me, you dread thinking about retirement planning. But a new website from two nonprofit organizations, the AARP and the Ad Council, incorporates a “digital financial coach” that helps you get started with minimal pain.
That’s saying a lot. According to a survey commissioned by the AARP and Ad Council, 45 percent of moderate-income Americans between 40 and 59 years old said they would prefer a visit to the dentist to a meeting with a financial adviser.
The same survey found that 49 percent of people in that age group were not confident about retirement planning.To be sure, there are plenty of obstacles to retirement saving, including tight budgets and lack of financial confidence. Yet most of the 40- to 59-year-olds surveyed have already met significant financial challenges in their lives, including buying a car or a house, or paying off a student loan or mortgage. More than half have used money-saving strategies like coupon-clipping and comparison shopping.
With that data in mind, the AARP and the Ad Council created AceYourRetirement.org, a free website that takes a lot of complexity and stress out of retirement saving. That’s also where you’ll meet a chatbot named Avo, the site’s digital financial coach. But why a chatbot?
“People already feel overwhelmed or stressed when they think about their retirement savings,” says Mark Bagley, an AARP spokesperson, “and we wanted to create an empowering experience to help people get on track — they can do this! AceYourRetirement.org and our friendly digital coach, Avo are fun and accessible for everyone, and there is no judgement. As you use the site, you feel like you are simply texting with a friend.
”Here’s what I found when I visited.
It doesn’t look like other retirement planning websites
Here’s a screenshot of my visit.
It looks more like the interface on a smartphone chat or texting app than an accounting tool. There are no form fields to fill with personally identifiable information, or spreadsheets to download and save. There are no ads pitching retirement saving products (it was created by nonprofits, after all).
After you click through a few introductory screens, a smiling chatbot named Avo blinks at you and begins to ask questions. Avo is a “digital financial coach” that makes the whole process feel friendly and supportive. You answer its questions by typing a few words in the chat window or by selecting “yes” or “no” with a slider button.
It…
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