Links to downloads of state and local data and analysis can be found at the bottom of this page. The overall economy gets a boost, too, as retirees and workers age 65 and older spend their Social Security and Medicare benefits. The economic gains cut across generations in part because people over 50 provide resources to both their parents and children.
More than ever before, people plus are choosing to stay in the workforce longer, many of them launching second careers or starting new businesses. To keep up with this shift, employers must meet the needs of a multigenerational workforce.
Key Points A useful resource for policy makers, advertisers and employers, the Longevity Economy report is organized under four major headings: The Longevity Economy contributes significantly to the overall U.
Many older Americans plan to remain in the workforce for a longer period of time, start second careers and work after retirement. People in their 50s and 60s start businesses at nearly twice the rate of people in their 20s. The over population holds almost 80 percent of U. From to , spending on food and clothing among the plus dropped and spending on recreation and education grew. The Longevity Economy drives growth of the health care industry and increased demand for home health services and aging in place technology the vast majority of people age plus say they want to stay in their own home as they grow older.
Anti-aging, telemedicine and mobile health industries are also growing as a result of the Longevity Economy. Older Americans are tech-savvy and shop online as frequently as younger Americans.
Older Americans bolster the larger economy in a variety of ways. More than 90 percent of Americans between the ages of 47 and 65 have provided financial assistance to their adult children. Charitable contributions from people over 50 account for nearly 70 percent of all donations from individuals. To take advantage of the opportunities created by the Longevity Economy, businesses should keep ahead of health care trends, adjust to longer working lives and a multigenerational work force, recognize new spending habits and not ignore the importance of technology for people over For a summary of how the Longevity Economy impacts traditional and new industries, see the sidebars on pages 12 and A graph traces the dramatic shift in spending habits, from necessary to recreational goods, among plus Americans in Figure 5 on page Helping with college loans or tuition and allowing children to move home rent-free tops a chart that shows the types of financial assistance older parents have provided their adult children in Figure 7 on page October Summary by Jessica Ludwig State data published: