LAS VEGAS–Credit unions should be preparing for the “longevity economy,” according to one person.
The “longevity economy” is a reference to the aging of the U.S. population, which, although it poses numerous challenges, is also an “enormous opportunity,” according to one person.
Speaking the Money 20/20 conference, Abby Miller Levy, who heads up Primetime Partners, which makes investments in businesses that seek to improve the quality of life for older people, including numerous technology firms, said there are some estimates that put the longevity economy’s value at $2 trillion. Primetime Partners has invested in 36 companies to date.
“Are we ready for this? Not really,” said Levy.
Levy noted health care costs and costs related to Medicare are going to soar; there is a shortage of caregivers, and the costs of caregivers is going to soar.
On the flip side, 50% of consumer spending is by older people, she said.
Three Lessons
To date, Levy said the company has learned three lessons to date from its work that other companies/credit unions should heed:
- We need to advance our audience segmentation to truly build for the modern needs of an older population. Saying the older adult segment is one segment is like saying people 0-45 is a segment.
- We need trusted channel partners across multiple industries, including public-private entities working together.
- We need tech enabled healthcare and tech scalable financial services for all. This is where AI.
Worried About Aging
Abby Miller Levy
Younger generations, according to Levy, are “primed” to think about longevity, “so let’s start younger.”
Her recommendations include:
- “Start young. Forty-four percent of young adults fear the aging process. (That figure rises across age groups as one gets older.”
- “Check yourself for age bias” and watch the language used.
- “Expand your wheelhouse. Codesign, forge partnerships, and learn from innovators in the longevity economy.”
After showing her audience a slide showing all the start-ups and companies competing in the longevity economy, Levy added, “Think about the opportunities in this space.”
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