Boomers are vastly different to the generations who retired before them.
#RetireTech – more than just another hashtag
By FSC Invest, Technology & Innovation Senior Policy Manager Carla Hoorweg
Baby boomers are starting to retire in droves. Just like the ground breaking attitudes they demonstrated in their younger years, boomers are vastly different to the generations who retired before them.
Not only are they expected to live longer and retire later, they’ll have more money in retirement than previous generations. They also foster a strong desire to age gracefully at home – or in funky downsized metro accommodation. It’s predicted many will keep working at a leisurely pace, as so-called “boomerpreneurs”.
Compared to the generations before them, there are differences in the products and services baby boomers want to consume in retirement.
Perhaps most importantly, the boomers love technology. They’re not afraid of using a tablet or smart phone to get what they want.
But what do they actually want to consume in retirement? And how can providers service this market?
Enter #RetireTech!
Accessing a wider range of health and aged care services will be front and centre for boomers and will represent an increasing proportion of their personal expenditure in retirement.
In Australia, we’re witnessing a groundswell of innovative services gaining traction in this market.
From innovations in life sciences, including improving clinical outcomes for cancer patients (Sirtex), through to initiatives focusing on specialist needs in aged care (Opal Aged Care), as well as new technology disrupting how we die (LifeCircle) – offerings are emerging specifically in response to the demands of retiring babyboomers.
This is just the beginning. Digital health collaborations are happening in biotech, medtech, health ICT and public health. Consider ANDHealth for example, which has opened an accelerator program aimed specifically at commercialisation of digital health initiatives.
Accessing these innovative solutions from the tablet or smartphone will be the bare minimum expectation.
#RetireTech demand is yet to boom
Today’s retiring baby boomers are already tech-savvy. As their technology-native generation Y children grow older, and the newer generations too, each cohort will be ever more focussed on tech innovations in retirement.
Boomers will increasingly use the internet to research products and ideas. While word of mouth will still be a key method of exchanging ideas among their friends, they will research these ideas online by using reviews as guidance in their purchasing decisions.
Take my retired boomer parents as an example. At age 65 and 70, they are quite comfortable with internet banking, booking hotels online, organising tours by email and using facebook to keep in touch with friends.
The generations who follow them into retirement will be even more tech savvy and will look to access a broader range of services electronically.
But servicing this market isn’t just as easy as whipping up an online offering with a nice hashtag.
Some services will require customer interaction with a real person. For example, my boomer parents LOVE their travel agent. A big part of their excitement for an upcoming trip is telling her about their latest plans for an overseas jaunt.
They value these interactions (the sharing of stories and tips on where to go and what to see) so much so they’ve followed her from agency to agency. When boomers find a service they like, their loyalty sticks.
#RetireTech isn’t just another hashtag – it’s a growing reality.
The key for successful #RetireTech providers will be working out which human touchpoints are required in the sales process and where, so offerings aren’t treated as a commodity.
Watch this space!