Aging baby boomers – the demographic looms large – and their future is likely underserved. You see it everywhere, baby boomer-focused marketing, articles about their wealth and interests, etc. Yet the 30 million peak boomers also represent a bleak future ‘peak burden.' This Economic Impact study published in April 2024 notes that two-thirds are not prepared for retirement. The details of this study are depressing – about a future that will be financially worse for women than men, in total representing 30 million people who will all be 65+ in six years. On the positive side, according to an AARP survey there is growing interest in technology from the older adult population, particularly in fitness apps. But are useful technologies viewed in combination for the baby boomers’ life and health span? Not yet.
AARP fielded a survey that is worth a look. The topic was health and wellness app usage by the 50+ population. The goal was to understand 50+ level of engagement with health and wellness apps – an online survey that included 694 individuals who owned smartphone or tablet. Interestingly the 15-minutes survey also includes a response comparison with 40-49 year-olds, likely because that is AARP’s next-up target membership.Responders needed to be comfortable with downloading a health and wellness app -- and have interest in trying them.
Don’t we already have technology to live our best life as we age? Absolutely, aspredicted in 2011, needs have been fulfilled, tech innovation has made it so. But do older adults know about it? Could they afford it? Could they deploy it in their homes? Will it enable them to age in place? Do investors view the ‘best life’ suite of capabilities as an opportunity worthy of funding? The process of pitching one product at a time is well established – and innovators are comfortable with it, as are their judges. But is that what older adults need? Or would a suite of offerings, with deployment before the need becomes urgent, make more sense? Here are the four blog posts from June, 2024:
AI has innovative solutions that enhance health management, safety, social engagement, cognitive support, and personalized care for seniors in retirement.
Older adults today are beneficiaries of widespread tech access. And it really does fulfill the 2011 prediction in the AARP report, Connected Living for Social Aging. Broad access to online capabilities was imagined by experts when that report was written. They knew that someday high speed Internet access, widespread use of social networks, online access to food delivery, health appointments, shopping, holding video gatherings with families at holidays – all taken for granted now, but then it was just a dream. The good news is that most older adults take advantage of these and many capabilities today. Internet access today is being delivered out to remote rural areas – and most of the 65+ will soon be connected. Then what is the next quality of life frontier for older adults?