Forty-two percent of Americans aged 18-29 lack any retirement savings, which is both a worrying trend as well as a major opportunity for growth among retirement-focused fintechs. Challengers can build out innovative retirement solutions that leverage the behavioral patterns of this demographic to meet them where they’re at, while also building out their long-term wealth. Acorns-esque solutions may see success in this respect, turning everyday spending into a nest egg for retirement.

But making these products viable requires a savvy marketing and communications strategy. Highlighting the benefits of long-term financial strategies, and making finance language accessible, are core components of the most successful initiatives.

Explaining the stakes

A range of macroeconomic factors—the cost of housing, education, food, and more—mean that young people in the US today are worse off economically than their older counterparts were at their age. Government research suggests that millennials and Gen Zers own 69 cents for every dollar that Gen Xers owned at that same age.

It’s not like young people in the US are oblivious to their economic condition. But they may be unaware of the potential for compound interest and long-term savings to work in their favor. Offering clear success stories of people who have focused on long-term wealth early may help convert aware but struggling prospects into engaged users.

Simplifying jargon

A major barrier to entry is the complex language that retirement products use to describe themselves. Fintechs have a chance to move the needle by serving as an educational tool, helping consumers along their retirement-planning journey.

Starting from basics may be key among younger consumers, centering education as a way to improve awareness and long-term engagement.

Preparing for a wealth transfer

At the same time, the US writ large is on the precipice of the largest wealth transfer in human history. Research suggests that baby boomers will pass more than $30T to their descendants in the coming years.

While only a fortunate few will receive this windfall, they inhabit a market gap ripe for fintech intervention. Serving them will require a different kind of messaging, focusing on how to make a wealth transfer stretch out sustainably to retirement.