IDEAS

Aging Americans have more economic power than any generation before them. Baby Boomers currently account for 30% of the nation’s wealth, accumulating over $14 trillion in net worth since 2019 alone. Their healthcare spending outpaces other demographics by a significant margin – 5x more than what they spend per child and 2.5x more than typical working-age adults. However, with all of this economic power, this demographic isn’t making purchasing decisions in isolation.

The unpaid caregiving economy in the US is worth more than $1 trillion. This ecosystem of support helps shape choices about health, finances, and more, underscoring the interconnectedness of older adults and their families when it comes to deciding what products to purchase and use. 

Knowing that ‘The Silver Economy’ is a demographic powerhouse, we wanted to understand the purchasing decision-making process across aging Americans and their caregivers to give founders building in the aging space direction on how to strategize marketing, communications, and their go-to-market motions. Topline findings from our research, include:

1. Aging adults and their caregivers both think they are in charge of medical and financial decision-making, with both groups claiming control more than two-thirds of the time.
2. Only 24% of caregivers report feeling optimistic about their roles, while over a third experience sadness or anxiety.
3. Facebook is the dominant social platform used by 66% of older adults and 79% of caregivers.
4. When it comes to trust and influence, older adults trust healthcare professionals 15% more than their caregivers and financial professionals 31% more.

Let’s dig into the research:

Want to dive deeper into these insights? Download our complete research report to access detailed findings, analysis, and recommendations for building in the Silver Economy here.

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