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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.

The Intergenerational Imperative: A New Narrative

We must end the conversations pitting generation against generation. It’s ageist and supports generational stereotypes that don’t value the best that young and older people have to offer – especially to each other. It’s time for a new narrative that highlights the importance of the unprecedented shifts every generation is experiencing, one that reflects the commonalities as opposed to differences.

We’ve added more than three decades to our lives since 1900. But contrary to the way many people think about those years, they are not simply tacked onto to the end life. These extra years are an expansion of every stage of life. We see it when young people take a gap year before starting college or are waiting until later in life to leave home, marry and start their own families. Midlife is expanding, as people work longer, return to school, and create new careers. And certainly old age is longer as well, as the number of Americans living into their nineties is expected to quadruple by 2050.

Work

Daily headlines perpetuate a myth of generational angst between Boomers and Millennials in the workplace, when the reality is they have much more in common than simply coping with a stretched out life map. Younger generations believe that they alone seek purpose and meaning in their work. The Workplace Purpose indicates that more than 25% do; but that number is 39% for 55-64 year olds and rises 47% after 65.

The baby boomer generation says they’ve felt the need to compete since they started working – there were so many people entering the job market at the same time, and over a long period. Younger generations say they aren’t sure how to compete; or as one person recently told me, “When you get participation trophies for everything, you have no idea what you are good — or bad — at. It can be paralyzing.”

Debt Load

Student loan debt has topped $1.4 trillion. Research by Citizens Bank found that 60% of those under 35 will be paying off these debts far into their 40s, with the rest of the burden falling to boomer parents. Boomers are paying off loans at the risk of their own retirement savings. The Federal Reserve Bank of New York research shows that 2.8 million borrowers are over 60.

Erin Lowry, author of Broke Millennial: Stop Scraping by and Get Your Financial Life Together, says,”Millennials get a lot of the press when it comes to the student loan crisis and how it will affect our futures, but there are boomers who are of retirement age and still dealing with student loans, many of which were probably taken out for a millennial child. Concerns about paying off debt and being able to retire comfortably transcends generational divides.”

Homeownership — And Finding Roommates

Last year, home ownership rates fell to an historic low – partly because millennials can’t buy or don’t value homeownership in the same way as previous generations; boomers value their homes as a significant retirement asset, as 50% have less than $100,000 saved. Reverse mortgage products have become more attractive as boomers can’t sell to younger buyers.

The growing interest among boomers to rent rather than own shouldn’t be discounted in low rates of ownership. A 2015 study by the Joint Center for Housing Studies at Harvard found that people 45 – 64 accounted for twice the share of rental growth as those under 35. In major cities, boomers are dominating the rental market, making it even harder for younger people to find affordable housing. People of all ages are turning to new sites like Silvernest and SpareRoom, which help connect homeowners with roommates.

Multigenerational Living

In 2014, a record 60.6 million people, or 19% of the U.S. population, lived with multiple generations under one roof, according to a new Pew Research Center analysis of census data. Young adults have replaced older people as the second adult generation in the household. Among people 25 – 29, 31% are residents of multigenerational households. Nearly half of all multigenerational households are comprised of grandparents, parents and grandchildren. This is one reason why the rate of older Americans living alone has dropped since 1990.

Caregiving

The average age of a family caregiver is now 49.2 years old and trending younger. Forty-eight percent of caregivers are 18 – 49 years old. With more generations under the same roof, caregiving is becoming a family affair. Seven percent of grandchildren are taking of their grandparents.

Still, there is a looming crisis of care. In 2010, the ratio of caregivers to people needing care was 7:1; in 2030, it will be 4:1. The 80+ population will increase by 44% between 2030 and 2040; the number of caregivers available will only increase by 10%. The situation completely bottoms out in the 2040s as the boomers are in old, old age. For the next 25 years we will need to attract young people to the field of aging services in huge numbers. Right now, these types of jobs aren’t even on their radar.

The generational interdependencies are clear. The issues are magnified because of the size of the boomer and millennial generations, but the issues of today will surely be repeated as the millennials begin to age, many past the age of 100 — the gift of new longevity.

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.

 

Q & A with Lori Bitter now live at seniorhousingnet.com


Baby boomers are changing the definition of aging in America. Lori Bitter, a consultant who specializes in engaging with mature consumers at The Business of Aging, delves into the changes in American households and their broader social effect in her new book, “The Grandparent Economy.” She answered some questions for SeniorHousingNet.com on grandparenting, the golden years and deciding where to live. Learn More →

Lori Bitter talks to AARP members at AARP’s Ideas@50+: Multigenerational lifestyles & grandparents with realtor.com

aarp

AARP’s Ideas@50+ event in San Diego featured AARP TEK’s new RealPad roll-out, the introduction of Joanne Jenkins as AARP’s new CEO and stars ranging from Kevin Spacey to Julia Louis Dreyfus to Martha Stewart. Move.com – the parent of realtor.com and seniorhousingnet.com hosted AARP members in a special “back porch” environment complete with lemonade and fresh baked cookies. Members heard from experts in senior care, caregiving, and aging in place technology. Paul Irving, Milken Institute, and author of The Upside of Aging, spoke on “Making Cities More Senior Friendly.” Lori did a presentation on “The New Multigenerational Lifestyle,” based on her new book The Grandparent Economy.