Slauson Studies: Tech’s New Fountain of Youth

Navigating Our Golden Years Through Innovation in Aging Tech

Introduction: What is Aging Tech?

Aging Tech refers to the technologies and services designed to improve healthcare and support the changing lifestyle needs of older adults. As we look to the future, the demographic surge in tech-savvy seniors points to a burgeoning market, with the 50+ age group expected to swell to 132 million people by 2030, spending an average of $108 billion annually on tech products. The global market size for Aging Tech is currently estimated at $1 trillion, with expectations to double due to the increasing digitization and expansion of the longevity economy.

Despite this uptick in usage, the tech industry must address several barriers older consumers face — including design, user experience, awareness, and cost. Notably, 87% of adults aged 65 and older express a desire to remain in their current homes or communities, indicating a strong demand for aging-in-place solutions (source).

Customer Profiles Within the Aging Tech Industry

Focus Areas within Aging Tech

Slauson & Co.’s Strategic Focus Areas

We are interested in exploring innovative technologies and solutions within these specific focus areas of Aging Tech:

Active Aging

There is a strong consumer demand for technologies that enhance social interaction and engagement. In our 2030 research, we learned that the U.S. is currently undergoing a significant generational transfer of wealth. Moreover, individuals over 50 are often at the peak of their wealth, which affords them more time to engage with their communities and focus on health. As a result, this demographic is more receptive to embracing new technologies.

Solutions that meet these needs not only enhance the autonomy of older adults in their day-to-day lives but also provide them with greater opportunities to stay active, mobile, and integrated within their communities. We’re interested in this sector as it fits part of our investment themes on culturally aligned consumer companies. Given the future expansion of this customer segment and their increasing tech-savviness, we see significant potential for the development of new technologies and innovations in this space.

Financial Preparation

As technology increasingly influences all aspects of life, older adults are seeking more effective ways to manage retirement and end-of-life planning. They require solutions that are accessible and specifically designed to meet their unique needs. Our focus is on technologies that preserve wealth and enhance autonomy for seniors, delivered with cultural sensitivity and thoughtfulness. Our 2030 research highlights a significant demographic shift: the number of potential caretakers per elder will decrease from seven in 2010 to just three by 2050. This growing group of older adults, many without family to rely on, is turning to technology-enabled services that are affordable, accessible, and culturally competent.

The financial readiness of this demographic varies widely. While some are well-prepared for retirement, many struggle with insufficient savings. In the US, the generation of Baby Boomers average $187k in retirement savings, far below the annual $55k+ needed for a comfortable retirement. As a result, more individuals are opting to continue working past retirement age, highlighting a vital need for advanced financial tools to aid in retirement and end-of-life planning. These tools are essential to help bridge the financial gaps faced by an increasingly diverse and autonomous aging population.

As our 2030 research indicates, the U.S. demographic landscape is poised for significant shifts that will demand technologies and businesses to meet the evolving needs of our aging population. We are interested in startups innovating in the active aging and financial preparation sectors. If your startup is building solutions in these areas, we would love to connect with you at meetus@slauson.co.

Slauson Studies is part of a series of research produced by our investment team at Slauson & Co. You can find our previous research articles on The Quick & Dirty of 2030 and the Age of AI on Medium.