The Cost Of Aging: How To Help Seniors

The cost of living is increasing. Global headlines are dominated by the rising cost of energy, food, and fuel. While many focus on the impact on young people and families, studies suggest that seniors are among those worst-affected. As research indicates that a growing proportion of older people are struggling to stay above the poverty line, how can we cover the cost of aging?

The cost of aging: What is the current situation?

The global population is aging at a pace. According to projections from the World Health Organization, the proportion of over 60s will almost double between 2015 and 2050. By 2050, seniors will account for more than 20% of the global population.

Increased life expectancy is a positive sign. People are living longer due to changes in lifestyles and advances in scientific research and medicine, but the aging population is a double-edged sword. Growth in the elderly population increases pressure on younger generations. Examples are most noticeable within the field of healthcare. The demand for professionals who have expertise in elderly care and gerontology, for example, is increasing rapidly and there is already a shortage of home health aides. With the demand for home care services set to skyrocket in the next decade, how will we keep up and ensure that seniors receive the care they need?

The Elder Index, which was developed by research teams based at the Gerontology Institute at the University of Massachusetts Boston, suggests that more than half of senior women who live alone and 45% of single men are facing difficulties paying for essentials. More than 2 million senior couples also have an income that makes them economically insecure, according to the index.

A recent UK poll revealed that anxiety levels are rising among older people in correlation with increases in living costs. More than 75% of people aged between 50 and 69 are worried about soaring costs and an estimated 2 million senior households will be unable to afford the basics in 2022.

What can be done to help seniors?

The aging population is not a new revelation. Figures have suggested that people are living longer and older populations are growing for some time. However, the speed at which the global population is aging is significant, especially at a time when there are challenges and obstacles that are driving prices up. The pandemic has affected every country in the world and the ongoing conflict in Ukraine has contributed to a sharp rise in energy, fuel, and food costs. Governments across the world are planning and implementing measures that will help seniors and the elderly, but will they be sufficient to provide the level of support required?

One increasingly prominent trend in countries like the US and the UK is caring for loved ones. In European societies in countries such as Spain and Italy, it's very common for multiple generations to live together and for younger members to care for their older relatives, but this is a dynamic that has become increasingly popular in other parts of the world. In the US, more than 40 million adults are caring for relatives aged over 50, and up to 2 million older adults receive informal care from family members in the UK. Providing care reduces costs, but it can be incredibly difficult to balance looking after loved ones with raising children and holding down a job. One solution is schemes like Freedomcare, which enables seniors to hire a family member or friend to care for them in exchange for a wage. Live-in care has also become more common, with more families moving relatives into their homes or relocating to be closer to parents or grandparents.

There is also more support for elderly health and social care in some countries. In the UK, for example, a new levy has been confirmed to pay for social care and healthcare services. Assistance programs in countries like the US now cover more seniors.

Another important headline to consider is the shortage of healthcare staff. The pandemic has highlighted the value of trained, skilled, dedicated professionals, but it has also driven many to quit the profession due to burnout and stress. Studies suggest that around 1 in 5 health workers have left the industry since 2020. At a time when the demand for treatment and care is rising, gaps are likely to increase before they start closing even in countries that are increasing recruitment and implementing pay rises and enhanced support for healthcare staff. It can take several years to train nurses, doctors, and therapists who have advanced skills and training.

What does the future hold?

The headlines are unnerving, but there is hope. One incredible weapon that policymakers and healthcare teams have is technology. Technology plays an increasingly influential role in healthcare and medicine and it offers a raft of benefits related to caring for older people. One significant development is access to virtual services. Not all seniors are tech-savvy, but for those who are comfortable with using telephones or tablets, virtual services offer a safe, convenient way for patients to communicate with health professionals and access advice and support. Older people who struggle with their mobility don't have to worry about trying to get to a clinic for an appointment that could take place virtually. Some people who feel anxious about going to consultations may also feel more relaxed speaking to a doctor over the phone or via a video chat.

Seniors can also utilize devices and apps to promote healthy living. Statistics from 2021 indicate that over 75% of seniors use smartphones and 1 in 5 own a wearable device. Figures suggest that ownership is accelerating most rapidly in the over 70 age group. Accessing apps and using devices like activity trackers can help to lower the risk of lifestyle-related illnesses.

The global population is aging and the cost of living is rising. More seniors are worried about affording healthcare and covering household costs. There are problems, but there are also solutions. Governments, healthcare providers, individuals, and their families can take steps to overcome challenges and avoid obstacles, but careful planning is required. Seniors need help and support and governments need to be aware of the scale of the project of protecting and caring for the aging population.

(Devdiscourse's journalists were not involved in the production of this article. The facts and opinions appearing in the article do not reflect the views of Devdiscourse and Devdiscourse does not claim any responsibility for the same.)