Who Will Care for Us When We Grow Old?

he other day, while watching The Father (a movie I highly recommend), I thought about the often invisible struggles faced by the elderly.

Imagine waking up every day with new pain. Watching your identity fade away. The things you once loved doing are no longer possible because your body won’t allow them, leaving no room for life goals. There are moments when you can’t remember where you left your thoughts, and all you’re left with is counting the days on this planet.

‍Old age has never been pleasant, but at least it used to come with company.

The world has changed significantly in twenty years. In the past, parents would move in with their children as they aged and live out their final days there. However, precarious jobs, the current pace of life, and the decline in pensions and middle-class purchasing power have turned meeting our elders' needs into a real problem.

Especially considering that baby boomers are aging. Spain's population over 40 already makes up nearly 24%.

In less than two decades, Spain will age. According to the National Statistics Institute (INE), we will rank among the top countries for longevity. It’s projected that the percentage of people aged 65 and older, currently 20.1%, will reach 30% by 2030. This will be followed by 30.4% by 2050. When one part of society supports half of its population, the math doesn’t add up.

‍Young people’s time is limited, and resources are scarce. As more “digital natives” become responsible for their parents, they will seek convenient, quick, and simple solutions.

Robotic Caregivers

Elder care solutions include nursing homes and hiring caregivers. But when these options become financially or logistically unfeasible, innovation steps in with the wonderful technology in our world that makes life easier.

When the internet was still a relatively new phenomenon, care.com was born. A website modeled after eBay or Craigslist, its sole purpose was to connect people offering services with those who needed them.

Similarly, Carelinx was founded in 2011, remaining a simple "placement agency."‍

However, as the service provision market became more established alongside the technological era, these types of companies evolved conceptually. They no longer just facilitate contact, but also provide the service directly.

One of the most prominent in the sector is Honor, a pioneer in developing software designed to match users with caregivers and facilitate communication through the platform itself. Think of it as the Tinder of caregiving.‍

Hometeam operates similarly but offers a much broader and more diverse range of services: from medical care to physical companionship for activities like getting a haircut.

What’s clear is that technological caregiving is taking root in the senior market to the extent that several companies are directly creating ‘robot caregivers.’‍

These devices promote autonomy for the elderly and provide peace of mind for their families. Although they are still in their early stages, they are highly promising. They represent a new and exciting frontier in elder care and technology.

Feeling Accompanied

However, making care more accessible does not address a deeper societal issue. No matter what robots can do, people need more people. Our elderly face loneliness not just as an emotional problem; it also contributes to a public health issue, with lower mental health levels and physical health deterioration.

According to experts like Dr. Steve Cole, a researcher at the University of California specializing in loneliness studies:

Lonely people have biological differences that make them more vulnerable to disease.

A study by Brigham Young University in Provo, Utah, even suggested that social isolation is as harmful to longevity as obesity.

If you live in Spain, you’ve likely heard of the platform Adopta un Abuelo (Adopt a Grandparent). It’s a service that provides companionship for the elderly through young volunteers. Its mission is to celebrate the legacy and preserve the dignity of those who came before. As a volunteer, you can write letters to users, meet them for coffee, or make video calls.

From the concept of Befriending the Elderly, other startups have emerged in the US. For example, Papa has generated $240 million since 2017, representing a true revolution in the caregiving sector.

Another way to combat loneliness, as I mentioned in a previous article, is co-living (shared housing). Companies like Silvernest or Senior Home Shares are examples of this. However, the most innovative and cutting-edge is Nesterly, designed to help older adults stay in their homes.‍

Nesterly addresses two generational problems with a single solution. On the one hand, older adults lack companionship and often have extra space that can make maintaining their homes financially unfeasible. On the other hand, younger people today rarely find affordable housing.

Some startups go further. SecureSeniorConnections and Hank connect older adults with shared interests, like Meetup. This creates an interactive community where users can participate in various activities, such as volunteer opportunities or local events of interest.

All these initiatives focus on building a supportive community that encourages people to remain socially active and engaged.

Human beings need a sense of belonging and worth. Promoting active aging means preventing illness and disability. But above all, it enhances old age quality of life.

A Thriving Market

Oxford Economics revealed that people over 50 spent $5.6 trillion in 2015 on goods and services. This exceeded the spending of consumers under 50.

The report highlighted that older adults spend more on healthcare, financial services, durable goods, non-durable goods, and automobiles.

Additionally, it projected that spending would continue to grow due to the increasing demographic of those over 50.

As a result, the elder care market flourishes dramatically. Currently, the sector is estimated to grow at a compound annual growth rate of 6.8%, with the market size projected to increase from $1.594 billion in 2021 to $2.366 billion in 2028. It’s no surprise that numerous companies are emerging to meet growing demand.

FINAL THOUGHTS:

Global population aging continues to rise. It might seem anecdotal, but it could become a real problem.

Historically, our society has always been characterized by a high number of young people than older adults, and as such, structures have been designed accordingly.

However, when this dynamic shifts, we face an incongruity. The growth of the silver economy demonstrates that we are entering an era where this segment of society will play a more significant role.

A deficiency is becoming evident in how we address the needs of a sector that has been neglected in recent decades.

Now, with technology and innovation, solutions are emerging to provide better care for the elderly and their families. It is essential that we continue down this path because, one day, we will all need that care.

Additional content

• https://www.theguardian.com/technology/2016/jul/27/health-care-apps-elderly-silicon-valley-startups ‍
• https://angel.co/job-collections/top-10-tech-companies-in-senior-care ‍
• https://www.fiercehealthcare.com/tech/startup-papa-secures-10m-funding-round-for-grandkids-demand-platform-address-loneliness-among‍
• https://www.seniorliving.org/research/five-tech-startups-senior-living/ ‍
• https://tracxn.com/d/trending-themes/Startups-in-Caregivers-Marketplaces ‍

Where to find me

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