New Senior Generation is Embracing Technology for Living Solutions

Traditionally, you might not think that older groups would favor innovative solutions but that is not be entirely true. A transformation might be underway for the senior living sector.

A survey from Pew Research Center found that 75 percent of those 65 and older use the internet. That number skyrockets 96 percent for those aged between 50 and 64.

THE SEISMIC SHIFT

Sean McGrail, co-founder and CEO of Home Sweet Homeshare, which matches older homeowners with younger renters, told GlobeSt. that these trends are leading to what he says is a seismic shift.

“Today’s seniors are more tech-savvy due to COVID forcing many to learn how to use FaceTime to stay connected,” he said.

“They’re looking for housing solutions that offer community without sacrificing autonomy. This shift is driving innovations in both traditional senior living communities and alternative models like home sharing.”

With home-sharing addressing affordability and financial security, it is a growing trend among the senior population, according to McGrail.

FINDING THE RIGHT PRODUCTS

While more of the senior population is online today and is embracing technology, companies will still need to find products that will appeal to the older age group. Peter DeMangus, chief business development officer at senior living community operator, Solterra Companies, said that the newer senior generation is more health conscious than previous ones.

“It could be either the device or a supplement or something that helps with their cognitive abilities,” he said.

“It could be something that engages them in more socialized type settings. So it’s a technology where they’re able to socialize with other people because of the loneliness challenges that we have in this country.”

DeMangus added that there has been demand for software or hardware that deals with those issues.

As of late, Solterra is starting to see fall detection technology improve, as well as accuracy from nonwearable tracking.

“Many residents and indoor patients don’t necessarily want to wear any hardware on their body, whether that be something that goes around their neck or their wrist,” DeMangus said.

FUNDRAISING IS KEY

However, owning a great product may not guarantee success. If a company cannot raise money or grow, failure might be inevitable.

“Unfortunately, sometimes what happens is those who have maybe better technology can’t get through the clutter because they’re not able to either, get to the right size for people to notice [or] some smaller groups out there [that] have some really unique technology are just unable to raise capital in a timely fashion.”

DeMangus said that he has seen fewer older Americans who require assisted living, desire to move into those settings, and are trying to accomplish those needs by staying in their own homes. And those who want to move out are migrating into more active adult environments, according to DeMangus.

McGrail believes that the senior living space will continue to embrace technology.

“We anticipate a hybrid future where traditional senior living communities coexist with tech-enabled alternatives like home sharing,” he said.