Economy & Technology

GDP/Economy:

Up to 40% of US adults aged 65+ need assistance with daily living activities and 40% of the 65+ population are likely to eventually enter a nursing home vs. the OECD average of 12% (Source: Health and Retirement Study, PRB, KPMG, Medicare). Total public spending on long-term care currently accounts for 1.4% of OECD GDP and is expected to double to by 2050 (Source: OECD) - with individuals and families bearing an increasing share of the costs.

The Silver Dollar- longevity revolution primer

Bank of America Merrill Lynch; 06 June 2014

Computer technologies are increasingly becoming an essential component in most of our daily activities. Many common life routines are conducted using computers and the internet including banking, reading, researching, employment applications, and connecting to others. Participation in digital activities is common among many adults.

 

According to Ryan & Lewis (2015), approximately 75% of U.S. households have a computer and 51% of households have a tablet. Computer and internet use is lower overall in people aged 65 and older. “In 2015, 65% of people aged 65 and older owned a computer, 42% owned a smartphone, and 32% owned a tablet. One-third of adults aged 65 and older have never used the Internet” (Andersen & Perrin, 2017, p.3). Technology access and inclusion is important for participation in society for all age groups. For older adults, who grew up before the digital age, the technology use and inclusion gaps are somewhat larger.

Sources:

Anderson, M.A. & Perrin, A. (2017). Tech adoption climbs among older adults. Pew Research Center.

Ryan, C. L, & Lewis, J. M. (2015). Computer and internet use in the United States. Retrieved from https://purl.fdlp.gov/GPO/gpo106218