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Lori to speak at ICAA Conference in Orlando

Lori Bitter will moderate a panel on “The intergenerational imperative” at the ICAA Conference 2017. Bitter and colleagues will dive deeper into the companies, organizations and new initiatives working toward an intergenerational future. This session will explore the latest research, look at the workplace and importance of purpose, and provide a case-study view of successful projects.

Friday, October 13, 3:15 p.m.–4:30 p.m.

To learn more about the conference or to register, visit ICAA. 

The Intergenerational Imperative: Why We’ve Never Needed Each Other More

Written for and published in ICAA Journal  by Lori K. Bitter, MS

Intergenerational. It’s the hot new buzzword in aging though it’s been around for years. It’s also steaming hot at a time when ageism is rampant and headlines report workplace warfare between Boomers and Millennials. To be sure, the unrest is real. Boomers lost jobs during the Great Recession and have struggled to earn again at the same rate. Millennials stayed in their parents’ homes, not earning enough to launch into an independent adult life. Throw family caregiving for loved ones into the mix and a clear pattern of interdependency begins to be clear.

SEISMIC SHIFTS
How did we get here? The current picture starts with increases in longevity. Since 1900 we’ve added 30 additional years of life. The United States Census Bureau estimates that the number of Americans living into their 90s will quadruple between 2010 and 2050,4 while the United Nations projects a 351% increase in the global population of adults 85+ over that same period. Unfortunately, the expectations of roles and life stages are rooted in the 1960s. Contrary to common thought, those 30 additional years aren’t simply tacked onto the end of life. Rather, they are distributed throughout the adult life stages, creating seismic shifts that our culture has yet to catch up with.

“By ‘understanding the real root of what is happening across the generational spectrum,’ we can create approaches that recognize interdependencies plus value and benefit all generations”

Young adulthood, midlife and old age are all being transformed by the addition of these years. Yet the changes continue to be written off as generational stereotypes. Understanding the real root of what is happening across the generational spectrum allows us to recognize it and work with it for the benefit of all generations

We are culturally stuck in the life stage paradigm of the last century. We followed a fairly consistent and predictable life script: 1. Go to School
2. Find a Job 3. Get Married  4. Have Children  5. Work Hard 6. Retire.

A few lucky people had some years of leisure before they died. This model has gone the way of the rotary phone, but the universal mindset has not made the change. Or, as author and gerontologist Barbara Waxman says in The Middlescence Manifesto, “We have a cultural lag. People have a lot of needless dissonance between perception and the reality of how our lives are unfolding.”

Markers of change
Life is messier. The predictable script is gone. Yet there is a discomfort with the idea of not living up to the old ideal. Consider some of these markers of change:

  • Young adults
    Taking longer to enter and finish education
    Waiting longer to marry
    Waiting longer to have children
  • “Middlescents”
    Changing career direction
    Retraining/educating
    Starting businesses
    Taking sabbaticals
  • Older adults
    Working to age 70 and beyond
    Remarrying
    Continuing education

Adulthood at every stage has seen shifts. Rather than using ageist stereotypes to put one generation down to elevate another, or feeling uncomfortable for not fitting an old-school life map, we can embrace this opportunity to create an intergenerational approach that recognizes our inherent interdependencies and values every generation for their contributions.

CHANGING PARADIGMS
Let’s examine some areas in which the shifting maps of adulthood contribute to significant intergenerational issues.

Housing
Housing is one of the industries most impacted by these life stage changes. In the US, more than 50% of Boomers have less than USD$100k saved for retirement, though many view their homes as a significant retirement asset. Most will need to sell the large family home and convert that equity to retirement income. But the demand for these homes may be very small. (This will force many Boomers to look to financial tools such as reverse mortgages.)

Millennials are not purchasing their own homes at the same rates of previous generations. They report the size of their student loans as the major issue in not being able to save for a down payment or qualify for a mortgage. With student-loan debt topping USD$1.4 trillion (and growing), research by Citizens Bank found that 60% of college graduates ages 35 and younger expect to be paying these loans into their 40s. Concern also transcends generational divides. Research conducted by the Federal Reserve Bank of New York shows that 2.8 million borrowers are 60 years or older, parents and grandparents of Millennial students.

The rental market
The dream of home ownership isn’t just an issue for younger generations. In 2016, home ownership in the US reached an historic low. While Millennials are part of the issue, surging Boomer interest in renting can’t be discounted.

A 2015 study by the Joint Center for Housing Studies at Harvard University found that families and married couples ages 45–64 accounted for roughly twice the share of renter growth as households under age 35. In urban areas with highly competitive rental markets, it is younger renters who are losing to older renters with greater ability to pay, creating increased need for affordable rental housing.

To manage the cost of living in their homes or high rents, Boomers increasingly choose to live with a roommate. Just like Millennials, Boomers also live with roommates for social reasons. Companies, like Silvernest.com, are emerging to help older adults find roommates and provide a range of services to ensure the success of the match. Some of these matches end up being from multiple generations.

Multigenerational living
Alternatively, there is a growing trend of Boomers remaining in the larger family home and housing multiple generations under the same roof. In 2014, a record 60.6 million people, or 19% of the US population, lived with multiple generations under one roof, according to Pew Research Center. For the first time, young adults have replaced elders as the second adult generation in the household.

Three-generation households—grandparents, parents and grandchildren—include more than 27 million people, while about a million people live in households with more than three generations. Another 3.2 million Americans live in grandparent/grandchild homes. Developers have begun to recognize the needs of these households and have created models to accommodate multiple generations. Companies have evolved to create accessory dwellings—nicknamed “granny garages”—to place on properties with existing homes to house family members. And nonprofits, like Fairhill Partners in Cleveland, Ohio, have developed apartments for grandparents raising grandchildren.

The rise in multigenerational living is one reason why fewer Americans live alone now than they did in 1990.

Caregiving
Increased longevity means more generations are now involved in providing care to older loved ones. In the US, the average age of family caregivers is trending younger at 49 years old. Caregiving has also become much more of a family affair. Generation X and the Millennial Generation are stepping into caregiving roles—47% of caregivers are 18–49 years of age. Part of this shift is due to their availability to provide care due to unemployment or underemployment.

The National Alliance for Caregiving and AARP report that 20% of caregivers are over age 65. There are also 1.4 million (and this estimate is low) children ages 8–18 who take care of a parent, grandparent or other elder, according to the American Association of Caregiving Youth. These hidden caregivers miss school, have little normal social life, and no support network as they navigate caring for the adults in their lives.

A looming crisis?
Cultural shifts have also led to changes in family structures and stability. Divorced and remarried at “unprecedented levels” in their younger years, Boomers have largely been responsible for the doubling of divorce rates in the 50-and-older age group since 1990. Their families are also typically smaller (fewer than two children). So what will caregiver support look like in the future?

In 2010, the ratio of available caregivers to people requiring care was 7:1. This number will continue to fall, to 4:1, as America’s Boomers push over the 80-year-old threshold in 2030. Between 2030 and 2040, the 80+ population will increase 44% while the number of caregivers increases by only 10%. The ratio completely bottoms out to less than 3:1 in 2040, when the Boomers are in old, old age. (In fact, caregiver support ratios will tumble in many countries worldwide.) Additionally, the higher percentage of unmarried Boomers and Boomers without children will require new kinds of support systems not dependent on family caregivers.

Technology is emerging to address some aspects of care. There is still a growing gap, however, in the number of jobs that will be created as a result of aging, and the number of people available to fill those roles.

Aging workforce
Who will work in aging? At some point in the 1980s, vocational education began to disappear from high schools, and the expectation grew that the majority of graduates would go to college. The tide is turning. But it’s not turning fast enough to create the healthcare and technology workforce required for the aging Boomers.

Emerging models aim to address the need for this workforce, with a focus on bridging the generational divide. Connect The Ages is a social enterprise on a mission to connect 5 million students to careers in aging by 2025. The time is certainly right to bridge the potential of Millennials and Generation Z to the aging population.

“Most students aren’t aware jobs in aging even exist, let alone future-proof, interdisciplinary jobs with room for advancement,” says 28-year-old Connect The Ages Founder and AARP Innovation Fellow Amanda Cavaleri. “We want to help educators introduce careers in aging to students by first bridging generational divides. Through our grassroots campaigns, students experience the often unknown positive side of aging and have opportunities to explore this impactful, purposeful work.”

Connect The Ages has released interviews with dozens of Millennials in aging, including architects, entrepreneurs, healthcare workers, lawyers, policymakers and technologists. Complementing the interviews is a national grassroots outreach and intergenerational storytelling and mentorship campaign. Many of the Millennials who work in aging report finding the field entirely by chance. This is not a sustainable way to meet the industry’s needs. Connect the Ages wants to create an active strategy to engage more young people in the field.

THE IMPERATIVE
We are just scratching the surface of understanding the interconnectedness of the generations and the need to work together toward solving the issues ahead of us. The imperative for our organizations, and our industry, is to discover, support and create initiatives that work toward a better-connected intergenerational future that will advance the aging field with young people and benefit everyone. We’ve never needed each other more.

References

1. National Institute on Aging and World Health Organization. (2011). Global Health and Aging. Living Longer, pp. 6–8. NIH Publication no. 11-7737. Retrieved on June 25, 2017, from https://www.nia.nih.gov/research/publication/global-health-and-aging/living-longer.

2. Waxman, B. (2016). The Middlesence Manifesto: Igniting the Passion of Midlife. Kentfield, CA: The Middlescence Factor.

3. Data 360. Life Expectancy Studies, 2016. Available at http://www.data360.org.

4. He, W., & Muenchrath, M. N., US Census Bureau. (2011). American Community Survey Reports, ACS-17, 90+ in the United States: 2006–2008, p. 2. Washington, DC: US Government Printing Office. Retrieved on June 25, 2017, from https://www.census.gov/content/dam/Census/library/publications/2011/acs/acs-17.pdf.

5. Collinson, C. (2016). Perspectives on Retirement: Baby Boomers, Generation X, and Millennials. 17th Annual Transamerica Retirement Survey of Workers. P. 70. Los Angeles, CA: Transamerica Center for Retirement Studies. Retrieved on June 26, 2017, from https://www.transamericacenter.org/docs/default-source/retirement-survey-of-workers/tcrs2016_sr_perspectives_on_retirement_baby_boomers_genx_millennials.pdf.

6. Federal Reserve Board. (2017, June 7). Consumer Credit – G.19. Accessed June 27, 2017, from https://www.federalreserve.gov/releases/g19/current/default.htm.

7. Citizens Financial Group, Inc. (2016, April 4). Press release: Millennial College Graduates with Student Loans Now Spending Nearly One-Fifth of Their Annual Salaries on Student Loan Repayments [Millennial Graduates in Debt study]. Retrieved on June 26, 2017, from http://investor.citizensbank.com/about-us/newsroom/latest-news/2016/2016-04-07-140336028.aspx.

8. Federal Reserve Bank of New York, The Center for Microeconomic Data. (n.d.). Data Bank. 2016 Student Loan Data Update. Number of Student Loan Borrowers by Age Group. Accessed June 28, 2017, from https://www.newyorkfed.org/microeconomics/databank.html.

9. Joint Center for Housing Studies, Harvard University. (2015). The State of the Nation’s Housing 2015. Retrieved on June 26, 2017, from http://www.jchs.harvard.edu/research/publications/state-nations-housing-2015.

10.Cohn, D., & Passel, J. S. (2016). FactTank News in the Numbers. A record 60.6 million Americans live in multigenerational households. Washington, DC: Pew Research Center. Retrieved on June 27, 2017, from http://www.pewresearch.org/fact-tank/2016/08/11/a-record-60-6-million-americans-live-in-multigenerational-households.

11. National Alliance for Caregiving and AARP Public Policy Institute. (2015). Caregiving in the US 2015. Retrieved on June 27, 2017, from http://www.aarp.org/content/dam/aarp/ppi/2015/caregiving-in-the-united-states-2015-report-revised.pdf.

12. American Association of Caregiving Youth. (2015). More Facts about Caregiving Youth. Accessed on June 28, 2017, from https://www.aacy.org/index.php/more-facts-about-caregiving-youth.

13. Stepler, R. (2017). FactTank News in the Numbers. Led by Baby Boomers, divorce rates climb for America’s 50+ population. Washington, DC: Pew Research Center. Retrieved on June 28, 2017, from http://www.pewresearch.org/fact-tank/2017/03/09/led-by-baby-boomers-divorce-rates-climb-for-americas-50-population.

14. Redfoot, D., Feinberg, L., & Houser, A. (2013). The Aging of the Baby Boom and the Narrowing Care Gap: A Look at Future Declines in the Availability of Family Caregivers. INSIGHT on the Issues, 85. Washington, DC: AARP Public Policy Institute. Retrieved on June 27, 2017, from http://www.aarp.org/content/dam/aarp/research/public_policy_institute/ltc/2013/baby-boom-and-the-growing-care-gap-insight-AARP-ppi-ltc.pdf.

15. Centre for Policy on Ageing. (2014). CPA Rapid Review. The care and support of older people–an international perspective. Retrieved on June 28, 2017, from http://www.cpa.org.uk/information/reviews/CPA-Rapid-Review-The-care-and-support-of-older-people-an-international-perspective.pdf.

Destination Singapore: Restoring the Joy of Eating

By Ani Grigorian, with Jeff Rosenfeld

In a single century, we have extended human lifespan by 35+ years. At the same time, technology has evolved to the point where we can now communicate instantaneously across oceans, benefit from software which coordinates care and manages health.

We have even created robots which sense emotion and even lead group exercises.   Not only are we living longer.  We are living better!

It’s no wonder that technology and innovations that serve our aging communities are such a hot-topic. The Ageing Asia Innovation Forum, hosted this year in Singapore, brings-together professionals, inventors, and problem solvers from all over the world.  During this meeting, they had the opportunity to sample a new line of food products: Health Food Matters. The founder, Grace Gan, calls it a functional food product because it is intended for people who have feeding issues.

Gregorian was one of the few environmental gerontologists in attendance at these meetings. By and large, the Forum brings designers, inventors, and product-developers together.

On exhibit was a plethora of products and designs meant to make life more comfortable, and nutritious for people with feeding issues.  In other words, people who need help feeding themselves, or who need to be fed.

screen-shot-2016-10-22-at-11-06-07-pmGrace Gan, a native Singaporean, developed this line of functional food products in response to the older people in her own family. The product line is called Health Food Matters, with the subtitle, “Restoring the Joy of Eating.” It is steadily gaining popularity across Singapore, perhaps because it does make eating a more joyous and dignified experience for consumers – and their caregivers.

The original market for Health Food Matters  was older adults, and people living with a disability.  Gan at first marketed exclusively to care centers and retirement residences across Singapore.

Gan, a speech therapist by training, had spent a lot of time working with patients in Singapore’s care-centers.  She was frequently present when meals were served, and she noticed that food-preparation, serving and eating were fraught with stress and tension.

Even more important, Gan noticed that feeding was as stressful for the caregivers and wait staff, as it was for patients who were being fed.

It is familiar that the sense of taste begins to dull as people grow older, affecting the ability to taste, smell and savor food.  This is true even for people aging-in-place at home, where there is more control over what is on the menu, and how it has been prepared.   In care settings, the dulling of taste buds is compounded by loss of control over menu, and dining conditions.

To compound matters, many older adults in institutional care live with neurocognitive disorders that cause dysphagia, a nutritional disorder characterized by difficulty swallowing, malnutrition and dehydration. Malnutrition and dehydration, in turn, contributes to other conditions such as bed sores, infection and hypoglycemia.

When Grace Gan visited Singapore’s care centers, she noticed that it was common practice to thicken food with milk supplements.  The idea was that this would make institutional food more nutritious and more palatable.  But, in fact, Gan believed that the result was neither nutritious, nor palatable.  Milk supplements did not typically enhance appetite, or contribute to better health.

Gan developed Health Food Matters as a way to enhance appetite by making its functional food line taste more like familiar food, and have what professionals call, the “Mouth Feel” of eating familiar food.  In taste and texture, Health Food Matters has the taste and “Mouth Feel” of familiar food, but is much softer, and easier to eat.

Products range from porridges, side dishes, snacks and desserts to condiments and thickeners with a variety of flavors that serve different  functions. As an alternative to thickened fluids, apple ENA-charge fruit jelly for instance, supplement fiber while apricot fruit jelly supplement zinc and iron. Calcium sprinkles can be added to porridges or side dishes providing flavor, color, and extra vitamins which combat low appetite and malnutrition.

In addition to keeping patients in mind when developing functional food products, Health Food Matters has benefits for caregivers. Most important, it relieves them of many meal-related burdens: chopping and cutting food, feeding patients or assisting them when they feed themselves, and the perpetual chore of cleaning-up.

Portions tend to be small, but are densely packed with extra nutrients, proteins and calories. This achieves nutritional goals for patients, and gives caregivers an unexpected bonus. The Health Food Matters philosophy  also harmonizes with Singapore’s efficiency-driven culture:  Mealtime becomes more “Efficient.”  Less food is wasted, and less time is spent coaxing patients to eat. This resonates with local nutritionists and caregivers because Singapore is a culture which strives for efficiency.

One reason for the efficiency, is that this product-line is easily prepared. Caregivers simply submerge prepackaged food bundles in heated water. Nurses and care staff can focus on caring for residents rather than worrying about the viscosity and portion-size.

Products range from porridges, side dishes,  snacks and desserts, to condiments and thickeners with a variety of flavors that serve different functions. As an alternative to thickened fluids, apple ENA-charge fruit jelly for instance,  supplement fiber while apricot fruit jelly supplement zinc and iron.

Calcium Sprinkles, another of Gan’s innovative products, can be sprinkled over porridges or side dishes to enhance flavor, color, and nutritional value.   Caregivers tell Gan that the Calcium Sprinkles also make food look more festive and inviting.

Grace Gan believes that Health Food Matters will eventually be a welcome alternative to forced-feeding.  Thanks to this Singapore-based product, older people all over the world can one day look forward to enjoyable dining, in the company of family or friends.

Even now, local care facilities in Singapore residents report improved health outcomes  when they serve Health Care Matters, Inc. to patients and/or residents.   Caregivers also report minimal food wastage and easier clean up.  Residents enjoy Health Food Matters, Inc. that they often clean their plates.

Above all, Health Food Matters  makes mealtime into dining once again.  Health Food Matters restores dignity to breakfast, lunch, and dinner in long-term care facilities.  Eating can and should be a social experience, something which is true everywhere from Singapore to Seattle.

Singapore is considered to be a leader in applying cutting-edge, sustainable, technology to geriatrics. Technology-based interventions, such as robotics, are already making long-term care facilities more efficient.  Health Food Matters may be doing this for meals and mealtime in long-term care.

Singapore is a world leader in developing and applying technology to geriatrics. Health Food Matters has been proven to make mealtime a more efficient experience.  It may well be that this product-line can also make mealtime a more spiritual and social experience. For older people and people with disabilities. That would be the proverbial icing on the cake!

Contact:  Ani Gregorian:    animgrig@umich.edu

Jeff Rosenfeld:    Rosenfej@newschool.edu

 

 

Why do we celebrate Grandparents Day?

National Grandparents Day is celebrated the Sunday following Labor Day each year. Marian McQuade made it her mission to educate young people about the contributions of seniors and their importance in the community. She encouraged young people to adopt a grandparent, not just to celebrate the day, but for their lifetime. By 1978, led by Senators Randolph and Byrd, a resolution was passed by Congress and the proclamation signed by President Jimmy Carter. Marian knew what she was talking about. She had 15 children and 43 grandchildren!

Grandparenting, as a lifestage, stands out as the most positive transition in later life. If you examine the lifestages that occur after the age of fifty, most have to do with loss. Many grandparents see it as a continuation of their lives and families, even after they are gone. Others see it as a “do-over.” As busy parents they may have spent less time than they wanted with their children, but as grandparents they are available and happy to be with their children’s children.

grandparent-econ-THUMBNow that the Baby Boom generation is becoming grandparents, the sheer size of the market is compelling. There are more than 100 million people over the age of fifty. By 2020, 80 million older adults will be grandparents. That is one in three US adults will be in this lifestage. For marketers the grandparenting lifestage represents a huge opportunity.

First, marketers have to overcome outdated stereotypes of grandmothers with buns and rolling pins, or granddads in rockers. With $400 billion in spending on goods and services, adults 55+ are outspending younger consumers two to one online. Becoming a first-time grandparent is a huge trigger for spending. Recent studies, however, show that spending remains consistent as a grandchild ages. This has been more true since the recession and the gradual recovery. Where once grandparents helped with “extras” like trips, cars and education, more than half report helping their adult children with the expenses of everyday life – tuition, clothing, insurance and more.

The majority of Baby Boomer grandparents are more educated than previous generations, and are still working, with no retirement in sight. With increased spending on their adult children, these grandparents are often providing some type of care for elderly loved ones as well. Hence the term “sandwich generation.”

As we celebrate grandparents the social impact of having older adults in the lives of children is undeniable. Margaret Mead said, “Somehow we have to get older people back close to growing children if we are to restore a sense of community, a knowledge of the past, and a sense of the future.” Now it is time to recognize the financial contributions as well and respect their role as dynamic consumers across nearly product category.

To learn more about today’s grandparents and their role in lives of their families, get your copy of The Grandparent Economy, available now on amazon.com.

The Un-Stuffing Of America: The #1 Business Opportunity Serving The Boomer Population

Reprinted from MediaPost Engage Boomers

It isn’t a technology solution. It is decidedly low-tech. It’s not a medical device, but it does ease suffering. And while we sometimes joke about hoarding, older adults are buried in stuff — the accumulation of a lifetime (or two). The resistance to letting go of it is an enormous issue for caregivers, senior living providers and aging in place experts. Of all of the issues of caregiving, this one is the gift that literally keeps on giving.

I profess my expertise. 

I come from a long line of near-hoarders. My grandmother, who passed away at 98 on our family farm, was a collector — antique furniture, dishes, books, family photographs, recipes … she had my grandfather’s college report cards squirreled away! And I had the task of helping to empty her home and prepare for her estate sale. (Read that as two truckloads of stuff making its way from Missouri to my very small Bay-area home — including her restored Victorian baby carriage — because who doesn’t need one of those?)

My mother, whose basement was nearly at intervention stage, had a fire and her house burned down. She lost everything, but continues to joke that she saved us from the work of going through that stuff. The positive outcome was that she and my stepfather moved to a very livable, beautiful home in an age-targeted community with plenty of features for aging in their home.

Caregivers & Professionals

In our research with family caregivers, it isn’t medication management or fall prevention that keeps them up at night, though they care deeply about those things. It is their worry over what to do with all of their parents’ stuff. The conversations with their parents can be as precarious as the “time to give up the car keys” talk. At a time in their life when seniors are losing friends, giving up hobbies and freedoms, their treasures are very important. The irony is that seniors believe staying in their homes as long as possible is easing a burden on their children. The reality is that it shifts the burden from the finances of long-term care to extended time and expense of wrapping up their affairs after death.

Senior housing professionals know that stuff keeps older adults from moving to homes that are better designed for their needs — both physical and social. Aging-in-place professionals and occupational therapists know the dangers all of the stuff creates in the home. Caregivers tell us that the aftermath of losing a loved one is so complicated by the dispensation of stuff that their mourning and grief is put on hold sometimes for several years.

The data is the stuff that companies are built on

Two-thirds of 18-34 year olds value experiences over possessions. They don’t value or want the stuff. And if HGTV is any indication, they are buying tiny houses with the storage capacity of a file drawer. That’s if they can afford to buy a home at all. Perhaps it’s growing up with the stuff that has created this desire for a simpler existence.

I work with smart entrepreneurs who have brilliant ideas for apps and devices that serve older consumers, some more scalable than others. You want scale, consider this:

  • There are 50,000 storage facilities in the U.S. — five times the number of Starbucks. That’s 2.3 billion square feet.
  • 50% of storage renters are simply storing what won’t fit in their homes even though the average home size has doubled in that last 50 years.
  • Currently there are 7.3 square feet of self-storage for every man, woman and child in the nation. One in 10 Americans rents offsite storage. It’s the fastest-growing segment of the commercial real estate industry over the past four decades (New York Times Magazine)
  • 25% of people with two-car garages don’t have room to park cars inside them; 32% have room for only one car (U.S. Department of Energy)
  • The home organization industry, valued at $8 billion, has more than doubled since 2000 at a rate of 10% each year (Uppercase)

Services like moving, packing, estate sales and auction sites are fragmented and require time, trust, and oversight. Rarely are there services of social workers, gerontologists or care managers to start the conversations, provide resources or support family caregivers. But everyday there are millions of families are trying to figure this out. This is a service worth figuring out. (After I figure out which key goes to which storage unit.)

*Data aggregated by becomingminimalist.com 

The Hottest Start-Up Market? Baby Boomers

Reprinted and linked to: (CONSTANCE GUSTKE, New York Times)

Boris Mordkovich, a 30-year-old serial entrepreneur, had never considered developing products for the aging baby boomer market. One day, however, he saw that his parents had started using an electric bike that his brother Yevgeniy had modified for his wife and himself.

“Electric bikes are an equalizer,” said Mr. Mordkovich, who has also owned a software company and a small-business magazine. “They let the rider decide how much or how little they will pedal.”

This year, he said, Evelo, the electric bike company that he founded with his brother, will double its revenue to $4 million, and it is profitable. “There’s no shortage of potential customers,” he added.

The company is just one of many that are plugging into a wealthy slice of the over-50 demographic called the longevity market, whose annual economic activity currently amounts to $7.6 trillion, according to AARP.

 With an estimated 74.9 million baby boomers, according to Pew Research Center, the biggest market opportunity for start-ups is older Americans rather than hip millennials.  Keep reading . . .

Four Ways Your Wrong About Boomers

I am very proud to have received this great review from the National Association of Realtors for my book, The Grandparent Economy: How Boomers Are Bridging the Generation Gap. Following is the blog:

It seems everywhere you turn these days there’s some new diatribe against the generational focus of commentaries on society. It’s boomers attacking millennials attacking boomers… Heck, we even played an April Fool’s joke based on the trend a couple of weeks ago.

As someone who’s always bristled at generational stereotypes, I’m cheering those who are finally agreeing we need to stop playing the millennials vs. boomers card in the media (as no one talks about generation x anymore, that needn’t be halted of course). But as I was working on the upcoming feature for our May/June issue about how brokers are attracting the next generation of real estate pros, I found myself unable to avoid the term “millennial.”

Is your image of grandparents woefully outdated? Photo: bandini, Morguefile.

Are your ideas of grandparents woefully outdated? Photo: bandini, Morguefile.

That’s when I realized it has nothing to do with the terms; it’s the inaccurate stereotypes everyone should be finished with. And that’s why I really liked Lori K. Bitter’s The Grandparent Economy: How Baby Boomers Are Bridging the Generation Gap (Paramount Market Publishing, Inc., 2015). Not only is she seeking to help business owners and marketers better understand the boomer generation through the lens of grandparenthood using actual data, but she also busts a fair amount myths about boomers and grandparents in the process. Among them:

  1. Age and aversion to technology: Bitter says if you do an image search on grandparents in Google you’ll likely see “cartoon caricatures of couples with gray buns, sagging bellies and boobs, and canes… In reality, only 20 percent of grandparents are 75 or older.” She also points out that grandparents not only outspend other generations in traditional shopping environments, but they also “are outspending younger consumers two to one online… and they account for one in four mobile transactions.”
  2. Multi-gen housing as a temporary reaction to recession. Bitter, who was raised by her grandparents, points out that humans have been living with several generations under one roof since the beginning of civilization, and in many cultures around the world, it’s more common than it currently is in the United States. But as we become increasingly multicultural, it’s important to examine our biases and look at the facts: 2.7 million grandparents are raising small children on their own, and that doesn’t encompass the many who are sharing the task of raising children with the kids’ biological parents. She also points out that, far from being temporary, the trend will probably grow as people are living longer, and notes that grandfamilies occur in every area of the country and represent all income levels, races, and ethnicities.
  3. Midlife crises. Rather than fearing their advancing age, boomers are becoming less concerned with numbers as they mature. Bitter says this is the beginning of wisdom, or “the centered sense of the timelessness of all things.” She suggests thinking of marketing in the same way you might universal design: If you create something that can be used by anyone, it will be appreciated by everyone.
  4. The “Me Generation.” Bitter shows how the common trope of younger generations being full of themselves goes astray: All young people project that sort of bravado to a certain extent. “The images of self-entitled, self-centered, and materialistic boomers do not sit well, and the majority of those surveyed believe advertisers and reporters frequently get it wrong. From a developmental perspective self-involvement and materialism are features of a striving lifestyle typical of younger adults, which would be accurate for any generation, not just the Baby Boom.”

Though this isn’t a book specifically about real estate, Bitter includes numerous examples of housing communities that are successfully meeting the needs of this new batch of grandparents. And she clearly thinks highly of REALTOR® outreach to consumers: “Has an ad ever brought a tear to your eye? …Fast forward to the recent ads by the National Association of REALTORS® about the ‘American Dream of home ownership’ featuring a grandfather and his grandson. Mature consumers appreciate the art of a story well told.”

Now that’s a stereotype I think we can all live with.

Meg White

Meg White is the multimedia web producer for REALTOR® Magazine and administrator of the magazine’s Weekly Book Scan blog. Contact her at mwhite[at]realtors.org.

 

The Boomer economy: Caring has its costs

A lot has been written about Baby Boomers, who are doing a lot more to boost the economy than they are given credit for — a lot more — says author Lori Bitter.

Bitter, author of “The Grandparent Economy: How Baby Boomers are Bridging the Generation Gap,” says Boomers are not only taking in their parents, but sometimes several generations of family members who have not recovered from the Great Recession.

The problem, she says, is that they are doing it all at great peril to their own retirement.

“The real story is they may have two or three generations of people living in their homes that they were working their butts off to support,” she says. “This generation just gets bashed. When you see what is really happening. It is more interesting that the headlines and misunderstood labels.

“They are literally holding up the economy by taking care of families who haven’t made it through the recession too well, taking care of their elders and grandchildren,” she says. “Even if they aren’t totally supporting them, they are contributing to all those households.”

Not only are they endangering their own retirement by supporting family members, but they are also doing it at the expense of their own health, she says.

“Fifty is typically is where you have your personal health concerns,” she says. You look at your health in a different way. Middle-age people are managing a number of chronic conditions of their own. While caring for people at the older end of the spectrum or younger end, they’re managing doctor appointments of others, and push their own health care needs to the bottom of the list. They can see the decline of person they are they are taking care and simultaneously ignore their own health. We urge this population to take care of their own health. If their health problems get worse, the whole system breaks down.”

Come back to Silicon Valley for the annual Boomer Venture Summit

Plan to attend the longest running Venture event focused on the baby boomer consumer and the longevity marketplace. This year’s theme is Strategic Investment in the Longevity Market. It will be hosted on Wednesday, June 22nd, 2016,  9:00am – 6:00pm, at Santa Clara University, in the Music and Dance Building, Recital Hall.
Ken Dychtwald, visionary thought leader and author, will keynote this year’s Summit. This year’s agenda features invitation-only Bootcamps the day before the event, plus a Breakfast with Angel Investors with a research briefing early in the day. Favorite sessions, Pitch for Distribution, and Investment Priorities are featured, in addition to a new session titled “Elements of Success”  featuring: Ted Fischer, Vice President, Business Development, Hasbro; David Inns, CEO, GreatCall, Inc.; Andrew Gordon, Directing Animator, Pixar Animation Studios.

New Sessions, Great Keynotes – What’s Next Boomer Business Summit

Join me in Washington DC for the 2016 What’s Next Boomer Business Summit:  Seizing the Opportunity in the Longevity Economy. As Co-Producer of this year’s event, I can tell you that the sessions and keynotes have never been better. You don’t want to miss this opportunity!

This year’s event will be held on Wednesday, March 23, 2016, from 8- 6 pm at the Omni Shoreham Hotel – Washington, D.C., Shoreham Lobby Level (East Side) – Blue Room. Keynotes include: Jo Ann Jenkins, CEO, AARP; John Zogby, Founder, Zogby Analytics; and Rohit Bhargava, Founder & CEO, Influential Marketing Group.

With more than 20 sessions to choose from, there is are many opportunities to learn, network, and make a deal with a potential partner. Check out the agenda. To learn more about sponsorship, contact Mary Furlong at: furlong@aol.com.