On a rainy Saturday afternoon, Moneylife Foundation welcomed over 40 enthusiastic persons to its first workshop, especially customised to the needs of senior citizens. This session took note of how senior citizens are coping in the post-liberalisation economy where their costs have soared so much that their savings have been eaten up by inflation. It touched on issues such as wills, insurance and reverse mortgage products that help those who are 'asset rich' but have a meagre income stream.
Sucheta Dalal (Managing Editor, Moneylife magazine) spoke on 'Safety, Security and Financial Independence for Seniors'.
Debashis Basu (Editor & Publisher, Moneylife magazine) looked at safe investment opportunities, spoke on how to avoid financial mistakes and focussed on the reverse mortgage product in some detail. As always, he advised people to consider index funds as a safer way to participate in the markets and benefit from growth.
Mr Basu also explained the reverse mortgage product in great detail. There was a comparison between the product that was introduced in 2007 and the current one in 2009. The current product has two options. The first option will give more monthly income, but there is no return of purchase price. The second option will give less monthly income, but will return purchase price. The first option is apt for singles who do not want to leave any assets to anyone after death. The second option is apt for couples who want return of purchase price to legal heirs. The 2007 product gave out the least monthly income and hence was unpopular. The 2009 product is a much better one, because it has three-way collaboration between the life insurance sector, the banking sector and the housing finance market. The main drawback is that the monthly income is still taxable. There were a lot of questions from the audience on this topic, as it is a new as well as an interesting concept.
Seniors who attended the session also had the benefit of inputs from two key resource persons - Mr Nagesh Kini (Activist and Chartered Accountant who has audited insurance companies) and Mr Jayesh Desai (Partner of law firm Singhi & Company) - who participated in a very lively discussion on insurance products and the rules governing wills and transmission of assets.
India has nearly 100 million senior citizens but a very limited vision when it comes to senior citizens' issues; policies for senior citizens are announced but not implemented. And, even as they struggle to cope with soaring costs, senior citizens are often financially exploited - most often by family and people they trust - and they struggle to enhance income. A US study shows that 1 out of 5 senior citizens is the target of financial scams.
Ms Dalal warned seniors against investing in unregulated schemes or falling for chain and pyramid marketing schemes. She also spoke about the variety of Internet frauds that ensnare people, especially those who are unaware about how the Internet is prone to abuse. Ms Dalal also explained the difference between retirement communities versus old age homes, since the former are fast becoming an attractive option, with great facilities for seniors who are financially comfortable.
She also pointed out that senior citizens must use their experience and skills to consider a second job either as a source of revenue or as contribution to society. It was pointed out that many organisations were happy to offer flexible timings to seniors to benefit from their expertise.
Another issue that came up for discussion was the steep 500% hike in insurance premium by Reliance General. One audience member had purchased a Reliance policy for his parents three years back. It was becoming difficult to change the insurance company because the insured parents were now over 65 years old, hence it was difficult to get a new policy. There was also a discussion on insurers taking away cashless facilities from certain hospitals.
Read More:
Moneylife Foundation conducts seminar for senior citizens - Moneylife: Personal Finance Magazine
Wednesday, August 4, 2010
Monday, August 2, 2010
Open letter to NPOP Review Committee Chairman and Government of India for welfare and benefit of Senior Citizens
(This letter was submitted at Mumbai Meet)
Date: 23rd July 2010
To,
The Chairperson,
NPOP Review Committee,
New Delhi
Dear Smt. Mohini Giri,
We take this opportunity to congratulate you and government of India for taking initiative after 11 years to review/implement NPOP.
But it’s also sad to note that NPOP was formulated in 1999, but till date it has not been implemented by Central Govt. / Pan India, due to various reasons including lack of political will. Various NGO's and activist have been advocating its implementation and review. In this regards a ‘National Protest Day ‘is observed by all NGO’s, Senior Citizen associations/federation and Senior Citizens to press their demands on 16th August 2010.
During these 11 years the world has changed, there has been significant demography change in India's population due globalization and improved medical facility and lifestyle. The fall of joint family system and rise in nuclear family system has brought new dimension to the care and welfare of Elderly. Population of people above 60 years of age is estimated to be 96 million in 2010.The Life span has increased by 60% in 60 yrs. India has today second largest population of Senior Citizens. There is sharp increase in population of Young Old 60yrs to 69 yrs and Old old 80+. Due to this demand and needs of various age groups have changed. Now it is time for civil society and government to rethink their strategy to address the needs of Senior Citizens.
After 63 years of Independence and democracy experiment there are segments of people who are not treated at par with others, there is injustice and discrimination towards them. One of the most neglected and ignored segment is of Senior Citizens. Elders are not considered as part of mainstream, there is unjust treatment to those who gain 60 years of age, and they are suddenly considered ‘Retired’, good for nothing. Government and Civil Society are not bothered of this experienced and skill group of people.
Read in detail:
People for Social Cause Blog: Open letter to NPOP Review Committee Chairman and Government of India for welfare and benefit of Senior Citizens
Date: 23rd July 2010
To,
The Chairperson,
NPOP Review Committee,
New Delhi
Dear Smt. Mohini Giri,
We take this opportunity to congratulate you and government of India for taking initiative after 11 years to review/implement NPOP.
But it’s also sad to note that NPOP was formulated in 1999, but till date it has not been implemented by Central Govt. / Pan India, due to various reasons including lack of political will. Various NGO's and activist have been advocating its implementation and review. In this regards a ‘National Protest Day ‘is observed by all NGO’s, Senior Citizen associations/federation and Senior Citizens to press their demands on 16th August 2010.
During these 11 years the world has changed, there has been significant demography change in India's population due globalization and improved medical facility and lifestyle. The fall of joint family system and rise in nuclear family system has brought new dimension to the care and welfare of Elderly. Population of people above 60 years of age is estimated to be 96 million in 2010.The Life span has increased by 60% in 60 yrs. India has today second largest population of Senior Citizens. There is sharp increase in population of Young Old 60yrs to 69 yrs and Old old 80+. Due to this demand and needs of various age groups have changed. Now it is time for civil society and government to rethink their strategy to address the needs of Senior Citizens.
After 63 years of Independence and democracy experiment there are segments of people who are not treated at par with others, there is injustice and discrimination towards them. One of the most neglected and ignored segment is of Senior Citizens. Elders are not considered as part of mainstream, there is unjust treatment to those who gain 60 years of age, and they are suddenly considered ‘Retired’, good for nothing. Government and Civil Society are not bothered of this experienced and skill group of people.
Read in detail:
People for Social Cause Blog: Open letter to NPOP Review Committee Chairman and Government of India for welfare and benefit of Senior Citizens
Wednesday, July 21, 2010
‘In India Reverse mortgage is psychologically resented by some children’ says S Sridhar NHB chief
S Sridhar, CMD, Central Bank of India and chairman of the National Housing Bank, talks to Sucheta Dalal on reverse mortgage, the changing role of NHB and rejuvenating CBI. In the first part of a three-part series, we explore how reverse mortgage has evolved as a product
Sucheta Dalal (ML): At National Housing Bank (NHB), you are credited with developing a new reverse mortgage (RM) product, that is far superior to the earlier one, which was disastrous. Would you tell us about the process of developing the new product?
S Sridhar (SS): I wouldn't say that the earlier product was a disaster. It has worked. There are a lot of people who have looked at RM as a temporary loan. They are 60 and children are not yet that well settled. So they have looked at it as a temporary loan and hope that they will be able to repay it in 10 years and redeem the mortgage.
ML: So they see it as a loan against property?
SS: Absolutely. It is a loan against property, but there are two differences. RM is a limited recourse product, as against traditional loan against property which has unlimited recourse. We can only recover from the property and not the borrower's estate. That is why, from the regulatory perspective - whether it is NHB or the RBI (Reserve Bank of India), there is a concern that it must not be misused or the product will get a bad name. After all, there are senior citizens who very active in business and also very cunning and shrewd and there was a concern that people should not take money against property and use it to speculate in the stock market or something. This was a concern with the RBI and it was a valid one. It is a fact that when I was meeting senior citizen groups in Mumbai and Pune in connection with the product, there were people who asked questions like can we take a CC (cash credit) limit against property and draw against it? That is not the segment we are looking at. We are looking at people who don't have a pension - and they are a huge number in our country - but have invested in a house. And they want to live a little better life, since the quality of life comes down sharply after retirement. Yet, not everybody in that segment needs a loan either - so we recognise that it is a niche product, but we still have to create awareness about it.
Having said that, there has been a fair amount of loans that have been sanctioned (Until 31 March 2010, Rs1,413 crore has been sanctioned to 7,034 senior citizens through RM schemes which are being offered by 23 banks and two housing finance companies). Of this, Rs100 crore has been sanctioned under the new RM loan-enabled annuity, through 40 loans under the earlier scheme as well, but there are certain issues.
ML: What are these?
SS: One of the issues that came out as we worked on this product was that the RM product is psychologically resented by children. Many of them see their legacy going away. It is perverse, but many children do not want their parents to have a better life. This is not universal, but I did get this feedback even from parents. There are instances when the son or daughter-in-law will ask why they need more money or to spend on a holiday. So there is an element of psychological tension associated with this product. Another aspect is the attitude of the parents too. There are some who say, "My son and daughter don't treat me well," but they still say, "there is no way we can allow the house we have built to go to the bank." We explain to them that the bank getting the house is only the last recourse and the son can always repay the loan and get the house back. Here too, we have had cases where the parents said if the RM extended for 30 years, the loan amount would mount significantly and make it difficult for the son to repay the loan; so they preferred to tighten their belt and live with what they have. So there is a fair amount of cultural issue involved in RM.
Read in detail:‘Reverse mortgage is psychologically resented by some children’ says S Sridhar NHB chief - Moneylife: Personal Finance Magazine
Sucheta Dalal (ML): At National Housing Bank (NHB), you are credited with developing a new reverse mortgage (RM) product, that is far superior to the earlier one, which was disastrous. Would you tell us about the process of developing the new product?
S Sridhar (SS): I wouldn't say that the earlier product was a disaster. It has worked. There are a lot of people who have looked at RM as a temporary loan. They are 60 and children are not yet that well settled. So they have looked at it as a temporary loan and hope that they will be able to repay it in 10 years and redeem the mortgage.
ML: So they see it as a loan against property?
SS: Absolutely. It is a loan against property, but there are two differences. RM is a limited recourse product, as against traditional loan against property which has unlimited recourse. We can only recover from the property and not the borrower's estate. That is why, from the regulatory perspective - whether it is NHB or the RBI (Reserve Bank of India), there is a concern that it must not be misused or the product will get a bad name. After all, there are senior citizens who very active in business and also very cunning and shrewd and there was a concern that people should not take money against property and use it to speculate in the stock market or something. This was a concern with the RBI and it was a valid one. It is a fact that when I was meeting senior citizen groups in Mumbai and Pune in connection with the product, there were people who asked questions like can we take a CC (cash credit) limit against property and draw against it? That is not the segment we are looking at. We are looking at people who don't have a pension - and they are a huge number in our country - but have invested in a house. And they want to live a little better life, since the quality of life comes down sharply after retirement. Yet, not everybody in that segment needs a loan either - so we recognise that it is a niche product, but we still have to create awareness about it.
Having said that, there has been a fair amount of loans that have been sanctioned (Until 31 March 2010, Rs1,413 crore has been sanctioned to 7,034 senior citizens through RM schemes which are being offered by 23 banks and two housing finance companies). Of this, Rs100 crore has been sanctioned under the new RM loan-enabled annuity, through 40 loans under the earlier scheme as well, but there are certain issues.
ML: What are these?
SS: One of the issues that came out as we worked on this product was that the RM product is psychologically resented by children. Many of them see their legacy going away. It is perverse, but many children do not want their parents to have a better life. This is not universal, but I did get this feedback even from parents. There are instances when the son or daughter-in-law will ask why they need more money or to spend on a holiday. So there is an element of psychological tension associated with this product. Another aspect is the attitude of the parents too. There are some who say, "My son and daughter don't treat me well," but they still say, "there is no way we can allow the house we have built to go to the bank." We explain to them that the bank getting the house is only the last recourse and the son can always repay the loan and get the house back. Here too, we have had cases where the parents said if the RM extended for 30 years, the loan amount would mount significantly and make it difficult for the son to repay the loan; so they preferred to tighten their belt and live with what they have. So there is a fair amount of cultural issue involved in RM.
Read in detail:‘Reverse mortgage is psychologically resented by some children’ says S Sridhar NHB chief - Moneylife: Personal Finance Magazine
Tuesday, July 20, 2010
HOW TO TAKE CARE OF THE ELDERLY PERSON’S SKIN THE WAY THE NURSING HOME NURSE Does
Nurses know when the elderly person no longer moves independently, they will need to be extra vigilant in their skin care.
Nurses know:
* Preventing wounds is much easier than healing them
* An elderly person can develop a pressure wound in 2-6 hours of not changing position
* A pressure wound is painful
* Healing a pressure wound is costly
* Pressure wounds can develop anywhere there is a bone under the skin – elbows, heels, hips, buttocks and even the face if the elder has been lying in the same position for a very long time on their face
* Moisture makes the skin breakdown faster
* Chair positioning is as important as positioning an elder in bed – slouching in a chair can cause wounds on the spine and the elbow
* If the elder is sitting in a wheelchair for long periods of time, a well made cushion not only will provide better weight distribution, sitting balance and pressure redistribution but also provide a more stable surface for the elder to sit on and prevent the “sling-seat” so common in wheelchairs.
Things to look for in the products you choose:
* Is the fabric soft?
* Is the fabric one that will wick moisture away from the skin- such as cotton – and not an airtight fabric that will create moisture?
* Is the fabric or product washable (very important for infection control)?
* Does the product come with a gel insert?
* If preventing skin breakdown on the elder’s heel – does the product provide for an air cavity under the heel as if floating?
* If the elder is incontinent of urine or stool – choose an incontinent product that wicks away the moisture from the elder’s skin
An investment in pressure relieving products is an investment in pain prevention, saves time and money.
BY Virginia Garberding, R.N.
Director of Education, The Wilshire, Lincolnshire, Illinois
Author: Please Get To Know Me – Aging with Dignity and Relevance
www.pleasegettoknowme.com
HOW TO TAKE CARE OF THE ELDERLY PERSON’S SKIN THE WAY THE NURSING HOME NURSE WOULD-AND PREVENT WOUNDS | Eldercare Tips | Caregiver Tips
Forget yourself for others, and others will never forget you.
Nurses know:
* Preventing wounds is much easier than healing them
* An elderly person can develop a pressure wound in 2-6 hours of not changing position
* A pressure wound is painful
* Healing a pressure wound is costly
* Pressure wounds can develop anywhere there is a bone under the skin – elbows, heels, hips, buttocks and even the face if the elder has been lying in the same position for a very long time on their face
* Moisture makes the skin breakdown faster
* Chair positioning is as important as positioning an elder in bed – slouching in a chair can cause wounds on the spine and the elbow
* If the elder is sitting in a wheelchair for long periods of time, a well made cushion not only will provide better weight distribution, sitting balance and pressure redistribution but also provide a more stable surface for the elder to sit on and prevent the “sling-seat” so common in wheelchairs.
Things to look for in the products you choose:
* Is the fabric soft?
* Is the fabric one that will wick moisture away from the skin- such as cotton – and not an airtight fabric that will create moisture?
* Is the fabric or product washable (very important for infection control)?
* Does the product come with a gel insert?
* If preventing skin breakdown on the elder’s heel – does the product provide for an air cavity under the heel as if floating?
* If the elder is incontinent of urine or stool – choose an incontinent product that wicks away the moisture from the elder’s skin
An investment in pressure relieving products is an investment in pain prevention, saves time and money.
BY Virginia Garberding, R.N.
Director of Education, The Wilshire, Lincolnshire, Illinois
Author: Please Get To Know Me – Aging with Dignity and Relevance
www.pleasegettoknowme.com
HOW TO TAKE CARE OF THE ELDERLY PERSON’S SKIN THE WAY THE NURSING HOME NURSE WOULD-AND PREVENT WOUNDS | Eldercare Tips | Caregiver Tips
Forget yourself for others, and others will never forget you.
Friday, July 16, 2010
Results Announced for 3rd Annual Essay Competition on Elder Abuse (WEAAD) 2010
Elder abuse is an under-recognized problem with devastating and even life-threatening consequences. Elder abuse is often defined as a single, or repeated act, or lack of appropriate action, occurring within any relationship where there is an ‘expectation of trust’ which causes harm or distress to an older person.
World Elder Abuse Awareness Day 15th June ,programme aims to increase society's ability, through various programmes to recognize and respond to the mistreatment of older people in whatever setting it occurs, so that the latter years of life will be free from abuse, neglect and exploitation.
On the occasion of World Elder Abuse Awareness Day 2010, Silver Inning Foundation, a ‘Not for Profit’ dedicated organization for senior citizens and their family members commemorated Elder Abuse Day on 15th June’2010. It had taken the various initiatives to create awareness among civil society and Government to eliminate elder abuse at both micro and macro level.
In this regards SILVER INNING FOUNDATION had launched an Essay competition in following category and topics:
1) For all age group:
‘Elders Abuse - The Change Has to Start at Our Home’
2) For School Students - Class 5th to class 10th:
“My Grandparents - Our Golden Treasures”
3) For Students - 1st year College to Post graduation :
'No Excuse for Elder Abuse - Signs and Solutions'
Total 35 people participated
Winners:
1) For all age group: ‘Elders Abuse - The Change Has to Start at Our Home’
1st Best : Vasanthi Sankaranarayanan – Rs.500/- and Certificate
2nd Best : Dr Vineeth S - Participation Certificate
3rd Best : M. A. PUROHIT -Participation Certificate
1st Consolation: Pradnya Surve - Participation Certificate
2nd Consolation: Arundathi Kaikini - Participation Certificate
2) For School Students - Class 5th to class 10th: “My Grandparents - Our Golden Treasures”
1st Best: Manav Varma , 12 yrs - Rs.500/- and Certificate
3) For Students - 1st year College to Post graduation :'No Excuse for Elder Abuse - Signs and Solutions'
1st Best: Vishakha Gupta – 19 yrs , 2nd graduate student - Rs.500/- and Certificate
2nd Best : Achala Gupta , MSW - Participation Certificate
3rd Best : Yash Bharadwaj ,2nd Yr Law Student - Participation Certificate
Participation Certificate will be also given to:
1. Dr Vineeth S
2. M. A. PUROHIT
3. Pradnya Surve
4. Arundathi Kaikini
5. Achala Gupta
6. Yash Bharadwaj
7. Vanita Kumta
8. Mrs.Prerana D.Desai
9. Shinsy P S
10. Resy Antony
Prizes:
The First (1st) best in each category will be given Prize of Rs.500/- by Indian cheque only each within 15 days of result announced.
The Three (3) best essays in each category will be published on on Blogs: http://peopleforsocialcause.blogspot.com/ ; http://silverinnings.blogspot.com/ And best Ten (10) with India postal address will be given Participation Certificate within 15 days of result announced.
The Last date for submission of Essay was extended to 25h June 2010.
The winners were announced online by email after 16th July 2010.
Following were Terms and Condition:
• Essay should not be less than 2000 words
• Essay should only be in English language
• Essay should be sent by Email only (soft copy only)
• No hard copy will be accepted
• It’s open to all Indian Residence / POI / NRI
• People from other country can also participate, but they will not be part of competition.
This Programme was promoted by INPEA (International Network for Prevention of Elder Abuse) Indian Chapter through Development, Welfare and Research Foundation (DWARF) and 'Little Things Matter Initiatives' (LTMI) in association with Silver Inning Foundation.
Together, we all have the power to prevent elder abuse
My World… Your World…Our World…Free of Elder Abuse
Mining the golden years
Looking for the next big business idea? Try glancing in the mirror.
"Aging is the largest growing business in the world," says Jane Barratt, secretary-general of the Toronto-based International Federation on Ageing. "It's going to happen to all of us."
More immediately, it's going to happen to a lot of us at once, as baby boomers, those born between 1946 and 1965, start to turn 65, a demographic shift known as the "silver tsunami." In 2001, there were 3.9 million seniors in this country, according to Statistics Canada. By 2021, that number will swell to 6.7 million.
Add to that the fact that we're living longer than ever before, experts say, and what you get is a business opportunity no company can afford to ignore.
"There is absolutely no sector that isn't affected by this," Dr. Barratt says.
"The opportunity is huge," adds Peter Evans, an adviser to information technology companies at Toronto-based MaRS, an organization that helps science, technology and social entrepreneurs start and expand their businesses. He led a two-day conference in December called the Business of Aging that brought together government officials, academics and entrepreneurs.
A bulk of the business prospects exists around seniors wanting to stay in their homes. "We believe that a vast majority of people will not be institutionalized as they age," Mr. Evans says. "We have to affect massive shifts in the way we think about aging and place."
A recent survey conducted for Living Assistance Services, a non-medical provider of senior care, showed that 70 per cent of Canadians want to age in their own homes, a trend sometimes referred to as "age in place."
"When you think about what a house is going to look like that you can live in for the rest of your life, you start to see the opportunities," says Dr. Barratt, pointing to toilet seats that measure blood sugar levels and floors that measure a person's gait to assess whether they are steady on their feet.
Furniture and home design are key. "It affects everything from the height of the bed, automatic taps in the bathroom, how to get in and out of furniture," Dr. Barratt says. "In Japan, we already have kitchen cabinets that can go up and down to adjust for height."
Equally as important are technology advances in the home that will support independent living. Smart phones are being transformed from Web-browsing devices to tools that can measure vital signs and deliver that information to family and doctors. Sensor technology that will send alerts if a person with dementia wanders beyond certain boundaries is being developed. And we're already seeing communication tools that will more easily enable older people to stay in touch with family.
One such example is PointerWare, a software product that provides a simplified e-mail interface, Web browser and video conferencing. Partners Raul Rupsingh and Stephen Beath started the Toronto company in 2008.
"A lot of why we launched the company was personal," Mr. Rupsingh says. "We were looking at people like my parents. They're boomers. But I wouldn't start a business based on a personal problem."
The demographics speak for themselves, he says. "That's very important for a small business looking for opportunities."
Since launching, PointerWare has made deals with six of the top 10 retirement and nursing chains in Canada. PointerWare has also been approached by businesses in the United States that want to partner with them to bring their health-monitoring devices into the homes of seniors. "It's hard for these companies to connect with the user if they don't know how to use a computer."
Even companies that aren't developing new technologies are thinking about how to serve an older population. "We're going to see a real shift in language," Dr. Barratt says. "People at 60 are not going to want to be called old."
Companies may have to do away with automation, such as telephone systems, and instead reinstate a human touch. "Older people are saying speak slower, make the signs slightly larger," Dr. Barratt says. "People who want to gain business will be looking at this."
Completely new businesses will emerge as well. "Industries will be created to cater to this cohort," Dr. Barratt says. "Private businesses will be set up around providing formal care-giving. We'll see management consulting firms want to manage people's needs in the health-care system."
And it doesn't end there: "We have to think about things like, how do you unscrew water bottles? How do you get a CD out of its case?" Dr. Barratt notes. "All of these things will have to be redesigned so that people in later stages can deal with them."
Not to be forgotten is the government's role. "What we need is a collaboration of government, entrepreneurs and academics" Mr. Evans says. "There's an awareness that this is something that affects us all."
Community infrastructure will need to support a less mobile population. "Transportation needs to be easy," Dr. Barratt says. "Where will the shopping centres be in relation to the community-health centres?"
Standards across the country - from health care to building codes - may be harmonized. "If my mother lives in PEI, I want to know that she is getting the same standard of care as someone in Ontario," she says.
There's a compulsion, she adds, to look at this demographic shift in a negative way.
"By calling it a tsunami, we're suggesting it's a disaster," she says. There are undoubtedly challenges facing our health-care system, labour markets and even family caregivers. "But there are huge opportunities with this age-friendly society we need to build," Mr. Evans says.
A BURGEONING BOOM
Within the next 10 years, Canadians older than 65 will outnumber those younger than 15.
In 2010, an estimated 492,000 people worldwide will be older than 100. By 2050, that figure will reach 4,054,000. Within a generation, the number of Canadians with Alzheimer's disease or a related dementia will more than double and range between 1 million and 1.3 million people.
The technology product market for "aging in place" - staying at home instead of relocating to an assisted-living facility - in 2008 in the United States was estimated at $2-billion (U.S.). It is expected to grow to $20-billion by 2020.
By Rasha Mourtada
Source: Mining the golden years - The Globe and Mail
"Aging is the largest growing business in the world," says Jane Barratt, secretary-general of the Toronto-based International Federation on Ageing. "It's going to happen to all of us."
More immediately, it's going to happen to a lot of us at once, as baby boomers, those born between 1946 and 1965, start to turn 65, a demographic shift known as the "silver tsunami." In 2001, there were 3.9 million seniors in this country, according to Statistics Canada. By 2021, that number will swell to 6.7 million.
Add to that the fact that we're living longer than ever before, experts say, and what you get is a business opportunity no company can afford to ignore.
"There is absolutely no sector that isn't affected by this," Dr. Barratt says.
"The opportunity is huge," adds Peter Evans, an adviser to information technology companies at Toronto-based MaRS, an organization that helps science, technology and social entrepreneurs start and expand their businesses. He led a two-day conference in December called the Business of Aging that brought together government officials, academics and entrepreneurs.
A bulk of the business prospects exists around seniors wanting to stay in their homes. "We believe that a vast majority of people will not be institutionalized as they age," Mr. Evans says. "We have to affect massive shifts in the way we think about aging and place."
A recent survey conducted for Living Assistance Services, a non-medical provider of senior care, showed that 70 per cent of Canadians want to age in their own homes, a trend sometimes referred to as "age in place."
"When you think about what a house is going to look like that you can live in for the rest of your life, you start to see the opportunities," says Dr. Barratt, pointing to toilet seats that measure blood sugar levels and floors that measure a person's gait to assess whether they are steady on their feet.
Furniture and home design are key. "It affects everything from the height of the bed, automatic taps in the bathroom, how to get in and out of furniture," Dr. Barratt says. "In Japan, we already have kitchen cabinets that can go up and down to adjust for height."
Equally as important are technology advances in the home that will support independent living. Smart phones are being transformed from Web-browsing devices to tools that can measure vital signs and deliver that information to family and doctors. Sensor technology that will send alerts if a person with dementia wanders beyond certain boundaries is being developed. And we're already seeing communication tools that will more easily enable older people to stay in touch with family.
One such example is PointerWare, a software product that provides a simplified e-mail interface, Web browser and video conferencing. Partners Raul Rupsingh and Stephen Beath started the Toronto company in 2008.
"A lot of why we launched the company was personal," Mr. Rupsingh says. "We were looking at people like my parents. They're boomers. But I wouldn't start a business based on a personal problem."
The demographics speak for themselves, he says. "That's very important for a small business looking for opportunities."
Since launching, PointerWare has made deals with six of the top 10 retirement and nursing chains in Canada. PointerWare has also been approached by businesses in the United States that want to partner with them to bring their health-monitoring devices into the homes of seniors. "It's hard for these companies to connect with the user if they don't know how to use a computer."
Even companies that aren't developing new technologies are thinking about how to serve an older population. "We're going to see a real shift in language," Dr. Barratt says. "People at 60 are not going to want to be called old."
Companies may have to do away with automation, such as telephone systems, and instead reinstate a human touch. "Older people are saying speak slower, make the signs slightly larger," Dr. Barratt says. "People who want to gain business will be looking at this."
Completely new businesses will emerge as well. "Industries will be created to cater to this cohort," Dr. Barratt says. "Private businesses will be set up around providing formal care-giving. We'll see management consulting firms want to manage people's needs in the health-care system."
And it doesn't end there: "We have to think about things like, how do you unscrew water bottles? How do you get a CD out of its case?" Dr. Barratt notes. "All of these things will have to be redesigned so that people in later stages can deal with them."
Not to be forgotten is the government's role. "What we need is a collaboration of government, entrepreneurs and academics" Mr. Evans says. "There's an awareness that this is something that affects us all."
Community infrastructure will need to support a less mobile population. "Transportation needs to be easy," Dr. Barratt says. "Where will the shopping centres be in relation to the community-health centres?"
Standards across the country - from health care to building codes - may be harmonized. "If my mother lives in PEI, I want to know that she is getting the same standard of care as someone in Ontario," she says.
There's a compulsion, she adds, to look at this demographic shift in a negative way.
"By calling it a tsunami, we're suggesting it's a disaster," she says. There are undoubtedly challenges facing our health-care system, labour markets and even family caregivers. "But there are huge opportunities with this age-friendly society we need to build," Mr. Evans says.
A BURGEONING BOOM
Within the next 10 years, Canadians older than 65 will outnumber those younger than 15.
In 2010, an estimated 492,000 people worldwide will be older than 100. By 2050, that figure will reach 4,054,000. Within a generation, the number of Canadians with Alzheimer's disease or a related dementia will more than double and range between 1 million and 1.3 million people.
The technology product market for "aging in place" - staying at home instead of relocating to an assisted-living facility - in 2008 in the United States was estimated at $2-billion (U.S.). It is expected to grow to $20-billion by 2020.
By Rasha Mourtada
Source: Mining the golden years - The Globe and Mail
Thursday, July 15, 2010
Activities for the Person with Alzheimer's - Video
Examples of some simple activities that can help fill the day of a person with Alzheimer's.
Video summary
We can't change the diagnosis of dementia, but we can affect the quality of people's lives by involving them in activities that help them feel safe, emotionally secure and that enhance their dignity and self-esteem. Some activities are intended to provide purpose and meaning; others are purely for fun. The range of possibilities shown in these video excerpts included:
* Music and dance – which can work when other things fail
* Exercise, such as walking and swimming (More and more we are learning that physical exercise has mental and emotional benefits, too. Plus it helps us sleep better.)
* Familiar tasks such as gardening, washing dishes or other housework
* Mind-stimulating games such as trivia quizzes or
* Scrabble
* Have a conversation – Ask, "What do you think about . . ." especially when props are involved (flowers, hats) and you may be surprised at the answers.
* Go on an outing. We all need breaks in our routines.
People who aren't positively stimulated may become bored, restless, anxious or depressed. On the other hand, too much stimulation can have ill effects, too. We all need quiet time. What activities bring pleasure is highly individualized, but everyone enjoys the satisfying relationships that come from interaction.
Applying the video to your own situation
* This video emphasizes the importance of fun. Fun fuels the brain. One advantage you have over professional caregivers is that you know your loved one well. Think about activities you can do together that are likely to be pleasurable, relaxing and fun. If he can't do all parts of the activity, think about his remaining strengths and the parts he can still do. If your first idea doesn't work, try another.
* Think about the activities that seem to bring comfort and help your loved one feel emotionally secure, and add those to your daily routine. For example, some people who can no longer read the fine print in a newspaper still enjoy going through the motions of reading it.
* Exercise draws oxygen to our brains thereby helping us think more clearly, and getting outdoors is a mood lifter. A daily walk can provide both benefits, but don't rule out other forms of exercise you might enjoy, too.
* Because we all like to feel useful, many people continue to enjoy familiar tasks such as housework or gardening. Think about the tasks your loved one might do that don't need to be done perfectly.
* Many mind-stimulating games need to be adapted for people with dementia. You can find some suggestions by Kathy Laurenhue at http://www.wisernow.com/PDF/Alzheimer's%20Adaptations.pdf
* Novelty is also fun. Consider what outings you might take together.
See the video: http://www.videocaregiving.org/beyond-video/Alzheimers-Activities.php
Adapted from: Dementia With Dignity; Eastway Communication & Media One Pty, Sydney, Australia
Think about the activities that seem to bring comfort and help your loved one feel emotionally secure, and add those to your daily routine.
Video summary
We can't change the diagnosis of dementia, but we can affect the quality of people's lives by involving them in activities that help them feel safe, emotionally secure and that enhance their dignity and self-esteem. Some activities are intended to provide purpose and meaning; others are purely for fun. The range of possibilities shown in these video excerpts included:
* Music and dance – which can work when other things fail
* Exercise, such as walking and swimming (More and more we are learning that physical exercise has mental and emotional benefits, too. Plus it helps us sleep better.)
* Familiar tasks such as gardening, washing dishes or other housework
* Mind-stimulating games such as trivia quizzes or
* Scrabble
* Have a conversation – Ask, "What do you think about . . ." especially when props are involved (flowers, hats) and you may be surprised at the answers.
* Go on an outing. We all need breaks in our routines.
People who aren't positively stimulated may become bored, restless, anxious or depressed. On the other hand, too much stimulation can have ill effects, too. We all need quiet time. What activities bring pleasure is highly individualized, but everyone enjoys the satisfying relationships that come from interaction.
Applying the video to your own situation
* This video emphasizes the importance of fun. Fun fuels the brain. One advantage you have over professional caregivers is that you know your loved one well. Think about activities you can do together that are likely to be pleasurable, relaxing and fun. If he can't do all parts of the activity, think about his remaining strengths and the parts he can still do. If your first idea doesn't work, try another.
* Think about the activities that seem to bring comfort and help your loved one feel emotionally secure, and add those to your daily routine. For example, some people who can no longer read the fine print in a newspaper still enjoy going through the motions of reading it.
* Exercise draws oxygen to our brains thereby helping us think more clearly, and getting outdoors is a mood lifter. A daily walk can provide both benefits, but don't rule out other forms of exercise you might enjoy, too.
* Because we all like to feel useful, many people continue to enjoy familiar tasks such as housework or gardening. Think about the tasks your loved one might do that don't need to be done perfectly.
* Many mind-stimulating games need to be adapted for people with dementia. You can find some suggestions by Kathy Laurenhue at http://www.wisernow.com/PDF/Alzheimer's%20Adaptations.pdf
* Novelty is also fun. Consider what outings you might take together.
See the video: http://www.videocaregiving.org/beyond-video/Alzheimers-Activities.php
Adapted from: Dementia With Dignity; Eastway Communication & Media One Pty, Sydney, Australia
Think about the activities that seem to bring comfort and help your loved one feel emotionally secure, and add those to your daily routine.
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