Technology and Retirement by the Numbers
Each week we explore mature marketing articles that were of particular interest to our followers. This week we explore how technology continues to help us age better and retirement by the numbers. Have something to share? We’d love to hear from you in our comment section.
40% of Baby Boomers have stayed with the same employer for 20+ years, but younger generations will be less likely to follow suit. This, according to a recent survey of 1,000 people.
The reason for such longevity? A pension. But with only 18% if workers now in a company that offers pensions, this is leading to more people considering a new job opportunity that offers bigger and better benefits (read 401k). Younger generations that witnessed parents getting laid off are also less inclined to have trust when it comes to employer stability – leading to regular job searches.
The Associated Press – NORC Center for Public Affairs conducted the survey, and went on to share further insights into the findings:
“The agency has reported that a larger proportion of older workers than younger workers had more tenure on the job. For example it said, in January 2014, the average tenure with the current employer was 7.9 years for people 45 to 54, compared to 10.4 years for those 55 to 64.
“Think of all the choices people have today. I mean, who ever heard of a social-media analyst five years ago?” says Joe Coughlin, the director of the Massachusetts Institute of Technology’s AgeLab.
Coughlin says higher churn in the labor market also means companies will have to work harder to hire and retain the workers they need, and this creates leverage.”
85 million people could benefit from technology tied to active aging, according to a report that was of great interest this past week. The report summarized a whitepaper by the Consumer Technology association that spoke to the benefits of technology in the pursuit of living an active, healthy life.
“Technology is fundamentally changing the way we live – and active aging tech can dramatically improve our lives as we age,” said Gary Shapiro, president and CEO, Consumer Technology Association. “These innovative, connected technologies not only enable seniors to live safer, healthier and longer lives – whether through personal health technology or remote monitoring solutions – they also allow their caregivers to be more closely connected while they care for their aging loved ones. More, these consumer benefits can translate into billions of dollars in savings for the U.S. healthcare industry.”
There are several key elements that are creating a higher availability and need for this technology:
- A tale of two generations: Boomers are retiring in record numbers and the Silent Generation is living longer.
- Long-term care services: More people are requiring long-term care but providers are facing a shortage in capacity and reimbursement challenges.
- More and more are electing to age in place: Cost of care serving as a big reason for this decision.
- Technology in general: Technology continues to evolve making it even easier to age in place.
The article goes on to identify specific technology platforms that are making it easy for people to embrace a healthy lifestyle and age well. From smart homes to devices that report health info to family members to fitness programs – the options are endless.
For senior living providers, opportunities exist to harness this same technology as an added value for your residents as they chart their own wellness course.