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Growing Wave Of Senior Citizens Challenges Caregivers And Business Community"Silver Tsunami" Will Change the Corporate Landscape ASHLAND, Massachusetts - Corporations and caregivers are taking unprecedented action to prepare for the wave of 90 million Americans who will be 65 and older over the next 40 years, essentially doubling today's senior population. According to the U.S. Census figures, 72 million (1 out of 5) Americans will be 65 or older by 2030. The health care issues that come with an aging population are increasingly being shouldered by family and friends, who provide an estimated 80% of all eldercare. "One in four families across the U.S. is now dealing with caregiving issues. As people live longer, this will continue to be a growing issue," according to Robert Brooks, CEO of ElderCarelink, a leading internet service which connects consumers to providers of eldercare products and services. Interestingly, only 8% of elderly Americans reside in nursing homes. The vast majority are cared for at home by their family or close friends who take on the role of informal caregivers without any formal medical training or compensation. These trends are having a profound impact on corporate America, as more and more employees are forced to miss work, cut back on hours, or leave their jobs altogether in order to care for an elderly family member. According to one estimate, caregivers lose an average of $650,000 in lost wages, social security benefits, and pensions when they provide care for their elderly family members. The cumulative impact on U.S. businesses is no less compelling. According to a MetLife study, American businesses lose between 11 billion and 29 billion per year in lost productivity due to workers' absences, reduction of hours, and early retirement related to their caregiving roles. Add to that, the skyrocketing healthcare costs related to the stress of caregiving and the impact on the bottom line is even greater. The increasing demand from employees and employers has fueled explosive growth in eldercare products and services. According to ElderCarelink, there has been a 90% increase in the number of senior care and assisted living residences applying to participate in the ElderCarelink network. "The internet has become a prime resource for caregivers, both family and professional, who are already coping with an elder care situation. The increase in support networks and information resources continues to grow on a parallel course to the aging population," Brooks explained About ElderCarelink |
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