Welcome!

News Feed Item

Older, but Not Always Wiser: Boomers Not Considering Steps to Remain Independent as They Age, According to Philips and Georgetown University Study

Philips and the Global Social Enterprise Initiative (GSEI) at Georgetown University’s McDonough School of Business released their second study today that sheds light on the widening technology innovation gap for aging boomers. The study found most people want to live in their own homes as they get older (91 percent), but most do not plan to take the necessary steps to ensure they can maintain their desired lifestyle. In fact, while 96 percent of respondents say it’s important to be as independent as possible as they get older, only 21 percent of respondents plan to incorporate technology solutions, or to remodel and retrofit their homes in order to stay in place as they age.

Booming Boomers: Perplexing Problems

According to the U.S. Census, the number of Americans age 65 or older are estimated to grow to 83.7 million by 2050, almost double from the 43.1 million in 20121. However, the Philips/GSEI study shows that nearly 80 percent of 60-80 year olds are not thinking about, or are not sure, whether they will upgrade or update their homes. In addition, more than one-fifth of respondents (23 percent) simply do not know where to start or what is useful to them when it comes to upgrading their homes with smart technologies.

“The projected growth of the aging population constitutes a real need to focus on preparing for the future today,” said Brent Shafer, CEO of Philips North America. “Now is the time that we need to urgently and collectively shift focus to reduce the barriers and increase education on new innovations in technology that bring peace of mind, safety, and convenience to aging seniors.”

Costly Perceptions Prevail

The top barriers to making changes to one’s home are perceived cost and disinterest, indicating a lack of value in new technologies for the home.

  • Nearly three in five respondents (59 percent) say they are not interested in upgrading their home
  • One-third (33 percent) say upgrades are too costly
  • 42 percent say upgrading in-home technology is too expensive
  • One fourth (25 percent) of respondents are not interested in upgrades at all

Familiar Technology Finds Favorability

Aging Americans are willing to invest in new technology for things that they use regularly and are most comfortable with.

  • Half of respondents currently use technology to refill prescriptions. They also use it to access government services (45 percent) and connect with doctors (41 percent). 58 percent would be interested in stove tops or ovens that automatically shut off to help them live at home as they get older. Respondents also are interested in a single remote control to manage everything in the home (46 percent) and driverless cars (41 percent).
  • As they age, respondents feel the three most important factors for communities are high-speed internet access (87 percent), nearby grocery stores (83 percent), and access to hospitals and medical centers (77 percent).
  • The most important factors for home design features are a low-maintenance exterior (58 percent), master bedrooms and baths on the first floor (54 percent), and effective lighting throughout the house (54 percent).

“The long-term, intergenerational benefits to universal design and early technology adoption extend beyond the aging population. For example, structural and technological updates can help injured individuals of all ages move with ease,” said Bill Novelli, GSEI founder and Georgetown McDonough professor.

The results of this study and the individual barriers were discussed in an expert roundtable at Georgetown’s McDonough School of Business facilitated by Philips and GSEI in May 2014. Meeting participants included decision makers from business, nonprofits, local government, and academe with expertise in aging, housing and real estate development, technology, and policy.

"Philips is helping to make aging well a reality for more people by introducing technology that meets the needs of aging consumers, sustains the environment, and opens opportunities for business and economic development," Novelli added. "Together, Georgetown, Philips, and others are working towards a full continuum of care for our aging population."

Outcomes and a full report from the round table meeting, as well as the full results of the current study, can be found at http://usa.philips.com/agingwellcommunities. Additionally, learn more about what baby boomers and Gen Xers think about technology and its ability to improve well-being and quality of life as they age at http://usa.philips.com/agingwelltech. Join the discussion on Twitter at #connectedaging.

About Royal Philips

Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people’s lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2013 sales of EUR 23.3 billion and employs approximately 112,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare. News from Philips is located at www.philips.com/newscenter.

About The Georgetown Global Social Enterprise Initiative

The Global Social Enterprise Initiative at Georgetown’s McDonough School of Business aims to prepare current and future leaders to make responsible management decisions that yield both economic and social value. Through practical training for global business leaders, the initiative promotes transformative solutions to and impactful investments in the world’s significant challenges in health and well-being, economic growth, the environment and international development. It is led by Distinguished Professor of the Practice Bill Novelli and Executive Director Ladan Manteghi. Learn more at http://socialenterprise.georgetown.edu.

About Georgetown University’s McDonough School of Business

Georgetown University’s McDonough School of Business provides a transformational education through classroom and experiential learning, preparing students to graduate as principled leaders with a global mindset to be in service to business and society. Through numerous centers, initiatives, and partnerships, Georgetown McDonough seeks to create a meaningful impact on business practice through both research and teaching. All academic programs provide a global perspective, woven through the undergraduate and graduate curriculum in a way that is unique to Washington, D.C. – the nexus of world business and policy – and to Georgetown University’s connections to global partner organizations and a world-wide alumni network. Founded in 1957, Georgetown McDonough is home to some 1,400 undergraduates, 1,000 MBA students, and 1,200 participants in executive degree and open enrollment programs. Learn more at http://msb.georgetown.edu. Follow us on Twitter @msbgu.

Notes to the editor:

  • Methodology: The survey “Aging Well: Creating Connected Communities for Aging Well” was conducted online in partnership with Research Now and CQuest, among a nationally representative sample of 1,000 Americans aged 50-80.

1 http://www.census.gov/newsroom/releases/archives/aging_population/cb14-84.html

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant tha...
In his Opening Keynote at 21st Cloud Expo, John Considine, General Manager of IBM Cloud Infrastructure, will lead you through the exciting evolution of the cloud. He'll look at this major disruption from the perspective of technology, business models, and what this means for enterprises of all sizes. John Considine is General Manager of Cloud Infrastructure Services at IBM. In that role he is responsible for leading IBM’s public cloud infrastructure including strategy, development, and offering ...
In a recent survey, Sumo Logic surveyed 1,500 customers who employ cloud services such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). According to the survey, a quarter of the respondents have already deployed Docker containers and nearly as many (23 percent) are employing the AWS Lambda serverless computing framework. It’s clear: serverless is here to stay. The adoption does come with some needed changes, within both application development and operations. Tha...
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. Avere delivers a more modern architectural approach to storage that doesn't require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbui...
In his general session at 21st Cloud Expo, Greg Dumas, Calligo’s Vice President and G.M. of US operations, will go over the new Global Data Protection Regulation and how Calligo can help business stay compliant in digitally globalized world. Greg Dumas is Calligo's Vice President and G.M. of US operations. Calligo is an established service provider that provides an innovative platform for trusted cloud solutions. Calligo’s customers are typically most concerned about GDPR compliance, applicatio...
Widespread fragmentation is stalling the growth of the IIoT and making it difficult for partners to work together. The number of software platforms, apps, hardware and connectivity standards is creating paralysis among businesses that are afraid of being locked into a solution. EdgeX Foundry is unifying the community around a common IoT edge framework and an ecosystem of interoperable components.
SYS-CON Events announced today that N3N will exhibit at SYS-CON's @ThingsExpo, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. N3N’s solutions increase the effectiveness of operations and control centers, increase the value of IoT investments, and facilitate real-time operational decision making. N3N enables operations teams with a four dimensional digital “big board” that consolidates real-time live video feeds alongside IoT sensor data a...
SYS-CON Events announced today that TidalScale will exhibit at SYS-CON's 21st International Cloud Expo®, which will take place on Oct 31 – Nov 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. TidalScale is the leading provider of Software-Defined Servers that bring flexibility to modern data centers by right-sizing servers on the fly to fit any data set or workload. TidalScale’s award-winning inverse hypervisor technology combines multiple commodity servers (including their ass...
As hybrid cloud becomes the de-facto standard mode of operation for most enterprises, new challenges arise on how to efficiently and economically share data across environments. In his session at 21st Cloud Expo, Dr. Allon Cohen, VP of Product at Elastifile, will explore new techniques and best practices that help enterprise IT benefit from the advantages of hybrid cloud environments by enabling data availability for both legacy enterprise and cloud-native mission critical applications. By rev...
Companies are harnessing data in ways we once associated with science fiction. Analysts have access to a plethora of visualization and reporting tools, but considering the vast amount of data businesses collect and limitations of CPUs, end users are forced to design their structures and systems with limitations. Until now. As the cloud toolkit to analyze data has evolved, GPUs have stepped in to massively parallel SQL, visualization and machine learning.
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Join IBM November 1 at 21st Cloud Expo at the Santa Clara Convention Center in Santa Clara, CA, and learn how IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Cognitive analysis impacts today’s systems with unparalleled ability that were previously available only to manned, back-end operations. Thanks to cloud processing, IBM Watson can bring cognitive services and AI to intelligent, unmanned systems. Imagine a robot vacuum that becomes your personal assistant th...
Digital transformation is changing the face of business. The IDC predicts that enterprises will commit to a massive new scale of digital transformation, to stake out leadership positions in the "digital transformation economy." Accordingly, attendees at the upcoming Cloud Expo | @ThingsExpo at the Santa Clara Convention Center in Santa Clara, CA, Oct 31-Nov 2, will find fresh new content in a new track called Enterprise Cloud & Digital Transformation.
Most technology leaders, contemporary and from the hardware era, are reshaping their businesses to do software. They hope to capture value from emerging technologies such as IoT, SDN, and AI. Ultimately, irrespective of the vertical, it is about deriving value from independent software applications participating in an ecosystem as one comprehensive solution. In his session at @ThingsExpo, Kausik Sridhar, founder and CTO of Pulzze Systems, will discuss how given the magnitude of today's applicati...
Smart cities have the potential to change our lives at so many levels for citizens: less pollution, reduced parking obstacles, better health, education and more energy savings. Real-time data streaming and the Internet of Things (IoT) possess the power to turn this vision into a reality. However, most organizations today are building their data infrastructure to focus solely on addressing immediate business needs vs. a platform capable of quickly adapting emerging technologies to address future ...