Helping a global bank design financial tools for the “sandwich generation”
The Challenge
A leading multinational bank needed to understand an emerging and underserved customer segment: the sandwich generation—adults caring for both children and aging parents.
With Pew Research estimating that 23% of U.S. adults, and more than half of adults in their 40s, now manage financial responsibilities across multiple generations, this demographic shift presented both competitive risk and opportunity. Traditional banking tools weren't designed for shared financial responsibilities, leaving customers vulnerable to switching to competitors with more flexible solutions.
The bank needed to understand how intergenerational financial relationships actually work, what tools families use to manage shared responsibilities, and where existing digital banking experiences fall short.
AnswerLab’s Approach
AnswerLab designed a two-phase mixed-methods research program capturing both behavioral patterns and emotional drivers behind family financial management.
Recruiting intergenerational participant groups
We recruited two key participant groups to understand financial relationships across generations: 1. Caregiving adults and their aging parents whose finances they help manage 2. Adults and their college-aged young adults with whom they share financial responsibilities 3. This approach allowed us to study financial behaviors from both sides of the relationship.
Remote diary study to capture real financial behavior
Participants completed a remote diary study where they documented real-world financial interactions with family members over time, recording financial activities, decision-making moments, frustrations, needs, and conversations about money as they occurred naturally. Over time, they recorded: Financial activities and decision-making; Moments of confusion or frustration; Needs, expectations, and goals; Conversations about money within their family This method captured authentic behaviors and mental models as they occurred in everyday life.
In-home interviews for deeper insight
To expand on diary study findings, we conducted in-home interviews with participants in familial pairs. Interviewing family members together allowed researchers to observe how financial decisions and responsibilities were discussed and negotiated in real time, validating diary findings and revealing deeper relationship dynamics. These conversations validated diary study findings and revealed deeper insights into the dynamics shaping financial behaviors.
Key Insights & Results
Shared financial management tools didn’t exist
Families needed solutions for managing money on behalf of dependents or family members. Without these tools, many relied on workarounds that created risk and confusion.
Risky behaviors filled the gap
Without better options, participants shared usernames and passwords with family members—highlighting the urgent need for safer, flexible account access controls.
Customers wanted flexibility
Participants expressed interest in tools that allow varying levels of access, such as: Read-only account access, shared financial visibility, gradual transfer of financial control.
Financial education was a critical, unmet need
Participants sought guidance on topics such as budgeting, financial terminology, and managing accounts on behalf of others. Educational resources integrated into digital banking experiences could help customers navigate these responsibilities more confidently.
Business Impact
Product strategy roadmap:
Research delivered a clear framework for designing financial tools supporting intergenerational financial management, including shared account features, flexible permissions, and integrated educational resources.
Competitive positioning:
Identified opportunities to serve a rapidly growing customer segment—the sandwich generation—before competitors addressed this gap.
Risk mitigation:
Uncovered dangerous workarounds like password sharing that created security vulnerabilities, informing safer feature development priorities.
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