Using innovative technology to protect older adults’ finances

Every year, around five million older people in the UK are targeted by fraudsters and one in five fall victim to scams. Additionally, half of adults in the UK show signs of financial vulnerability and lose an estimated £1.2 billion annually. 

Personal finance platform Kalgera, meaning ‘good old-age’ in Ancient Greek, was developed by Dr Dexter Penn (UCL Queen Square Institute of Neurology) after one of his patients lost the money to fund a place in a care home.

The platform uses predictive analytics and neuroscience to detect the subtle signs of financial vulnerability and alerts users, as well as trusted family and friends, without disclosing account details or the ability to move money. 

Kalgera helps people better understand and stay in control of their finances and the team hope the platform will help older people remain independent for longer. Kalgera also hopes to help the millions of caregivers around the world protect their loved ones and improve their financial wellbeing. 

The award-winning platform has been recognised by NHS England and Tech Nation and Dexter serves on the All Party Parliamentary Group on Longevity. 

Links

• Dr Dexter Penn’s academic profile
• Kalgera website
• UCL Dementia Research Centre
• UCL Innovation & Enterprise
• Kalegra joins Open Up 2020 Challenge

Image

• Credit/Source: Dr Dexter Penn/Kalgera