There is a major demographic shift happening right now. In 2011, the first of the baby boomers started turning 65. As a result of better medical care and health standards, people are living longer and the number of seniors in Canada is expected to double in the next 25 years. This means there will be one person 65 or older for every 3 people younger – a never before seen ratio. These changes mean the market is shifting and industry will have to adapt. What are some of the changes?
The workforce is seeing major shifts. According to a number of sources more people are retiring than are entering the workforce. As senior talent retires, companies are having a difficult time replacing them. This includes small business owners who may, or may not, have someone who can take over the business. This means many businesses will have owners or senior executives who are not experienced. With so many retirees, pension plans and government services aimed at seniors, we may be stretched thin, especially with people living longer and hence drawing more from their pensions.
Services and products are quickly being developed with seniors as their target consumers, such as our own services. Move management is a relatively new industry and is growing quickly. Other services such as retirement communities are becoming more flexible in accommodating their clients’ wishes, and are expanding, and hiring more staff. Products and services are being offered that allow seniors to age in place by modifying their home to support diminished mobility or providing visiting or live-in care providers. Online auction and junk removal services have sprung up to meet the demands of both an aging population and a more mobile workforce. Health care providers will also need to adapt their services to the needs of an aging population.
The recent recession may have slowed retirement and kept some seniors working, but it is only a matter of time before they retire. It's important for new products and services to be developed to meet the needs of an older, retired population.