Longevity is the gift of time

Longevity isn’t always associated with decline; we all start getting older the minute we are born. Yet, why is it such a taboo to talk about aging, even as we get older? What does it matter that we are blowing more candles on our birthday cake — after a moment of arbitrary time? Surely we have nothing against cake. But candles?

What still seems very much amiss?

Not only are we living longer, we are also leading healthier and more productive lives, alongside multiple generations. In this way, in particular, our modern life is reverting to days far foregone, when our families were the ever present spectre of every moment in our lives — and yet some things have indeed changed.

As our financial lives become increasingly complex, how do we navigate life more alone, as less of an obstacle course and more or a refined path we truly choose? And what role will technology play in all of this? A lot, it seems, as we look at longevity research.

Caregivers: A forgotten demographic

Today, there are 47.9 million caregivers of adults, with almost 42 million Americans being caregivers of recipients aged 50 and above (according to AARP, an increase of over 8 million adults over the past five years). Unsurprisingly, many of these caregivers are financially, emotionally, and physically stressed, with one in 4 finding it difficult to take care of their own health.

One in 5 caregivers report high financial strain as a result of caregiving (18 percent). Four in 10 have experienced at least one financial impact as a result of their caregiving (45 percent), with more reporting that they have stopped saving or have taken on additional debt. Worse still, One in 10 working caregivers have had to give up work entirely or retire early (10 percent), which will impact both their short and long term financial security.

Despite the prevalence of caregiving, however, many caregivers are not having the conversations about their own needs. It is also important to note that while the average caregiver age is 49.4 years old, more than four in 10 are ages 18 to 49, with 23% being millennials and 29% comprising Generation X.

Complexity of financial obligations

As more people are stepping up to help their loved ones and unpaid caregiving is becoming more common, more needs to be done to offer solutions that can help. Financial planning across all stages of life must take into account not only one’s longevity needs, but that of their loved ones that may be part of caring for them.

Take student loans for example. According to MIT Age Lab, “the rising number of Americans who take out student loans — and the increasing size of those loans in accordance with ballooning tuition costs — is shaping a generation of college graduates.” As opposed to what many would believe, student loan debt is not a millennial issue; rather, it is a societal challenge that spans all generations.

Those over the age of 46 were 50% more likely than borrowers aged 18-45 to report that student loan debt contributed to bankruptcy or closing a small business; and those who are aged 65 are the fastest growing demographic of student loan borrowers who are in default. As a result, according to CNBC, “the number of Social Security recipients 65 and older who had their check reduced due to defaulted federal student loans increased by more than 500% between 2002 and 2015”.

How will student loan debt shape our life decisions across all demographics? Coupled with financial caregiving duties, where many feel they simply do not have a choice, how will our long term financial security be impacted?

This is simply too important a question to ignore, especially for women, who play an outsized role in caregiving (three in 5 caregivers are women). Older women, in particular, tend to make sacrifices for their children’s well-being. Along with the prevalence of gender pay gap and motherhood penalty, where can they turn to for guidance and help? What tools can they use to better plan for their future?

In times where some in the financial services industry are experiencing Eureka (!) moments, what we need are not pastel packaging or pink washing. Rather, we need better banking services to help untangle the increasingly complex financial lives that we find ourselves in.

Longevity is a gift of time; one that allows us time to pursue our dreams and spend more time with our loved ones. Financial institutions — incumbents or startups — have a crucial role to play. Question is, do we choose to be an enabler? Or one that stands idly by?

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We all start getting older the minute we are born. Yet, somehow, magically, after a moment of arbitrary time, getting older ceases to be sexy. Worse, our society associates this with decline — and treats aging as a disease needing to be cured. Is this negative attitude and bias towards age driven by our culture? In this day, how do we leverage technology to change our perception of aging, and truly embrace age as but a number?

In this episode of One Vision, Theo and Bradley chat with Dr. Chaiwoo Lee and Dr. Julie Miller, from MIT Age Lab, on how to drive meaningful behavioral changes using technology and think about aging in new and more hopeful ways. You can listen to this conversation on Apple Podcast and Spotify today.

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Unconventional Ventures helps drive innovation to improve systematic financial wellness. We connect founders to funders, provide mentorship to entrepreneurs, strategic advisory services to a broad set of corporates, and broaden opportunities for diversity within the ecosystem. Our belief is that anyone with great ideas should have a chance to succeed and every voice should be heard. Visit unconventionalventures.com to learn how you can partner with us today.

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