Mature Market Experts Stat of The Day: 70% of 60+ Respondents Are Cutting Back On Essentials

How is the mature market responding to today’s troubled economic times. In Feeling the Economic Pinch: A MetLife Poll of American seniors 60+, 87% of respondents said they are curtailing their spending; 70% are cutting back on essentials like food and transportation. Eighty-two percent are spending less on non-essentials like dining out and vacation. In addition, 17% report having had to provide more financial assistance to family and/or friends as a result of the current economy.

 

“There is no doubt that older Americans are being adversely affected by the current situation,” said Sandra Timmermann, Ed.D., director of the MetLife Mature Market Institute. “A closer look at the findings shows that women are tightening their spending habits more than men, and not surprisingly those who earn less are cutting back even more. “While there have been serious economic downturns in the past, it is clear that this group of people over 60 feel particularly vulnerable during this time of their lives. Yet, it appears that they are not, at this point, changing their longer range retirement plans.” Of those who are working, 73% said they would not postpone their planned retirement date because of the current economy. Only 16% of all respondents are withdrawing or plan to withdraw more from their retirement funds than they originally planned.

 

Source: MetLife Mature Market Institute

 

Despite the fact that the mature market is tightening their financial belts, it’s still worth remembering that they control the bulk of the nation’s wealth . . . particularly mature women as this PowerPoint points out.

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Mature Market Experts Stat of The Day: Cost of Adult Day Services Increased 5% Over Last Year

The mature market continues to experience rising health care costs. “While the 2008 national average hourly rate for homemaker/companions remained unchanged from 2007 at $18 per hour, the average 2008 hourly rate for home health aides increased by 5% from $19 in 2007 to $20 in 2008. Adult day services national average daily rates increased by 5% from $61 in 2007 to $64 in 2008.”

Source: The MetLife Market Survey of Adult Day Services and Home Care Costs (Sept. 2008), MetLife Mature Market Institute

Mature Market Experts Stat of The Day: Colon Cancer

Colon cancer is the country’s second leading cancer killer. Nearly 50,000 Americans are expected to die of colorectal cancer this year.  Yet, new government guidelines from the U.S. Preventative Services Task Force recommend that most seniors, 75 and older, should stop getting routine colon cancer tests. Mature market experts, what do you think? This is a departure from the advice of many other medical experts. Is it good advice?

 

 

Mature Market Experts Stat of The Day: Alzheimer’s

Wow, its 7:14 pm Eastern Standard time. I almost missed today’s Mature Market Experts blog entry. I’ve been on the road all day visiting some extraordinary clients. I have a very cool job. Anyway, since I started the stat of day, I haven’t missed a weekday entry. Since Cal Ripken Jr. is one of my heroes (his 2,632 straight games is a monument to work ethic), I raced home to get this one in:

What’s the mature markets biggest fear? Certainly, Alzheimer’s is near the top of the list. Currently, approximately 4 million Americans have Alzheimer’s disease. (National Institute on Aging)

By 2050, the number of Alzheimer’s patients is expected to reach 12 to 15 million. (National Institute on Aging)

In 2000, about 40% of Alzheimer’s patients were age 85 and over. By 2050, the number is expected to grow to 60%. (National Institute on Aging)

In 2050, Alzheimer’s disease is expected to affect 8 million people 85 years old and over. (National Institute on Aging)

 

Learn what’s hot in 50+ Housing at the 2008 Best of New England Awards Gala!

Join the 50+ New England Housing Council as they recognize award-winning mature market regional projects. Twenty-seven finalists have been selected from among the region’s premier designers, developers and agencies.Winners will be announced at the Gala, October 22 at the Doubletree Boston-Westborough in Westborough MA.

The awards program and dinner recognize excellence in design and marketing in the 50+ housing industry.   

  • See displays featuring the winning projects.
  • Network with colleagues, vendors and the winners.
  • Learn more about current and future trends among the finest Active Adult Communities, Apartments, Continuing Care Retirement Communities, and Assisted Living Facilities in New England.

Click here to Get your tickets today!

_____________________________________________

Just the Facts:Registration and cocktails begin at 6:00 pm, and the banquet and awards program is at 7:00.WHEN:      

Wednesday, October 22, 2008
 
 

 

COST:    $80 per person (members), $95 (non-members)
DEADLINE: RSVP by Friday, October 17
MORE INFO: 50+ New England Housing Council, phone 617-773-1300, fax 617-773-1660
Register today for this exciting event!

Registration forms are available on the 50+ New England Housing Council website by calling 617-7733-1300.

 

Mature Market Experts Stat of The Day: Dental Care

One of the biggest health issues for the mature market is dental care. Seniors have a 300% higher rate of cavities than children. (California Commission on Aging, Senior Related Health Issues, April 2003)

25% of 65-75 year olds have severe gum disease. (California Commission on Aging, Senior Related Health Issues, April 2003) Approximately 80% of seniors reported dental need. 26% reported having seen a dentist in the past two years, while 40% reported having not been to the dentist in more than 10 years. (California Commission on Aging, Senior Related Health Issues, April 2003).

Mature Market Experts Stat of The Day: California

 

The mature market has limited transportation options in the Bay Area.

The mature market has limited transportation options in the Bay Area.

Looking to make money serving the mature market? Head west, young man! America’s largest elderly population lives in California. (California Department of Aging)

Approximately 3.3 million California residents are age 65 or over. (California Department of Aging)

10.6% of California’s population is 65 years old or over, and 42.2% of California’s elderly population suffers from a disability. (US Census Bureau)

Growth Statistics: California’s Elderly Population

California’s fastest growing population group is 85 years old and over. (California Department of Aging)

Individuals in the oldest old age group often experience severe health problems and require special attention. (California Department of Aging)

California’s elderly population is expected to grow more than twice as fast as the state’s total population. (California Department of Aging)

Within the next 40 years, the number of Californian residents, age 60 and over, will grow 154%. (California Department of Aging) By 2010, 1 in 5 Californians will be 60 years old or over. (California Department of Aging)

By 2040, California’s elderly population is expected to reach 12.5 million (California Department of Aging)

Currently, 1 in 77 (1.3%) Californians are 85 years old and over. That number will increase to 1 in 62 (1.6%) by 2010 and 1 in 34 (2.9%) by 2040. (California Department of Aging)

Between 1990 and 2040, California’s total population is expected to double in size. During this same period, the oldest old will undergo a 6-fold increase. (California Department of Aging)

The oldest old age group is expected to increase at a faster rate than the total elderly population. In 1990, 7% of the elderly population was in the oldest old age group – by 2040, that percentage will reach 14%. (California Department of Aging)

Life Expectancy

In California, the current life expectancy is 78.8 years. (California Policy Research Center – The Growth and Aging of California’s Population: Demographic and Fiscal Projections, Characteristics and Service Needs)

By 2050, life expectancy is expected to reach 84.2 years in California. (California Policy Research Center – The Growth and Aging of California’s Population: Demographic and Fiscal Projections, Characteristics and Service Needs)

Diversity

Currently, more than one-third of California adults over age 55 identify themselves as non-Caucasian. (California Commission on Aging, Planning/System Design, April 2003)

By 2050, Latinos will be the largest ethnic group among seniors in California. (California Commission on Aging, Planning/System Design, April 2003)

Elderly Hispanics will be the fastest growing ethnic group in California, tripling over the next 20 years. Non-Hispanic whites will be the slowest growing ethnic group. (California Policy Research Center – The Growth and Aging of California’s Population: Demographic and Fiscal Projections, Characteristics and Service Needs)

Impact on California’s Counties

The elderly population is expected to increase by over 100% in more than half of California’s counties. Eleven California counties will experience growth rates of over 150%. (California Department of Aging)

The number of individuals 85 years old and over will increase by more than 150% in 38 counties, more than 200% in 26 counties, and more than 300% in 11 counties. (California Department of Aging)

Transportation

In California, the percentage of trips taken by people age 85 and over as drivers has increased from 49% to 54% since 1995. (California Commission on Aging, Senior Related Transportation Issues, April 2003)

In California, the percentage of seniors who are limited in their ability to use public transit or cannot use it due to impairment increases from 7% for people ages 69 to 74 to 35% for people age 85 and over. (California Commission on Aging, Senior Related Transportation Issues, April 2003)

In California, among seniors that have stopped driving due to impairment or health problems, 54% are not able to use public transit either. (California Commission on Aging, Senior Related Transportation Issues, April 2003)

A study of the San Francisco Bay Area (CA) indicated that between 2000 and 2050, 65% of the growth in the elderly population will occur in places that now have no or only basic access to public transit. (California Commission on Aging, Senior Related Transportation Issues, April 2003)

Disability Issues and Statistics

Among California seniors living in housing communities, about 17% need help with 2 or more activities of daily living. (California Commission on Aging, Senior Related Housing Issues, April 2003)

In 2000, over half a million Californian seniors had functional limitations. (California Commission on Aging, Senior Related Housing Issues, April 2003).

The percentage of Californians with mild disabilities is expected to decrease from 4% to 2% by 2030. (California Policy Research Center – The Growth and Aging of California’s Population: Demographic and Fiscal Projections, Characteristics and Service Needs).