After conducting a rigorous incubator program with the Iryss Personal Finance Platform, we have refined our mission to directly address the financial needs of Americans who have been diagnosed with a chronic illness. To help ensure our product best serves this audience and hear from them directly, we immediately surveyed people living with chronic illness to better understand their personal priorities, thoughts and struggles.
Reaching A Meaningful Cross Section of Potential Platform Users Is Key
145 working Americans between the ages of 20 and 49 with Rheumatoid Arthritis, Type 1 Diabetes and/or Multiple Sclerosis participated in a 15-minute survey about their:
- Needs and wants driven by their chronic illness
- The resources they trust for financial information
- Their preference and behavior consuming digital information
- Any barriers or drivers to financial planning relative to their illness
Financial Concerns Are Understandably Common for Those with Chronic Illness
Of those surveyed, 92% are concerned about their long-term financial outlook. More than half of respondents are very concerned about out-of-pocket medical expenses, their long-term financial outlook, managing medication and treatment and paying for living expenses after being diagnosed with a chronic illness. 39% of respondents list “cost” as the number one driver when considering treatment options. This is not surprising as more than 70% say they very actively or actively focused on paying bills before experiencing symptoms of their illness.
Understanding the Role Financial Planning Tools Play in Patients’ Lives
Financial planning tools are not at the top of the list of resources respondents use to learn more about living with a chronic illness. More popular choices are medical professionals, search engines, online medical resources and speaking with fellow individuals living with illness. That said, when it comes to actively managing their finances a solid majority of respondents believe the Iryss app could help with chronic illness, want to try the app and think it will be a good fit for them. Interestingly, two thirds of those “Likely to Try” the app say they are only holding or are even losing financial ground since being diagnosed.
Helping Design the Most Valuable Financial Planning Platform
Almost two thirds of respondents who are likely to try the app are interested in getting insights in how they can improve their financial situation and getting those insights from an app specifically designed for people with chronic illness. The “must have” features of the app include:
- Ensures current and future bills can be paid
- Puts all my financial accounts in one place
- Helps me save money on account fees by analyzing them
Experience Iryss For Yourself
The survey participants were only responding to a description of a financial tool, you can experience the Iryss Personal Finance actual platform today and see how well it fits your life. The tools inside Iryss are designed to help improve your financial health and take control of your financial future. Sign up for early-access and benefit from exclusive discounts and benefits.