Women aren’t just the caregiver, they’re the money managers too!
Every day for the next 20 years, 10,000 people in the U.S. will turn 65. Many will seek the help of a caregiver. Most will want to “age in place” and stay in their own home. Women will be the likely choice to provide the care and make their home the alternative to a senior care facility.
This fact alone should encourage CMOs to evaluate their brand offering with a senior strategy in mind and aimed at California seniors. And it starts with caregivers.
Why are women called The Chief Consumption Officers for the elderly?
- They control 80%of the household wealth –
- They outlive men, on average, by 7 years.
- At 65 years old, their life expectancy is an additional 20+ more years.
- Women will continue to consume and shop long after the passing of their husband
- While some men act as caregivers, largely as the handyman, women are the nurturers – stemming from their maternal duties parenting.
- The instinct to care for a child is essentially the same as caring for an adult- feeding, bathing, dressing and driving
Aging and women are at ease together because women possess the responsibility gene more so than men. Long before Siri or Alexia, there was the woman of the household… the one doing the chores, nursing, shopping, carpooling, banking and overseeing the repairs and attending to the needs and happiness of the family.
It’s not just hands-on care: 8 percent of baby boomers, 13 percent of Generation X and 19 percent of millennials are financially supporting a parent to the tune of $12,000 a year, according to a survey of 1,000 adults released this summer from TD Ameritrade.
Of the two sexes, the women is the natural planner. It has been said, when it comes to retirement, men are looking forward to relaxing – women are planning to grow old.
Which is how they approach the role of caregiver. They develop a plan – what to buy, where to shop, and how to make that budget last. For CMOs, this consumer behavior is easy to track and target. By focusing on the women controlling the plan, the opportunities open up every day for new product entries.
But with the growing need for caregiving, there is both a talent pool issue and a silver lining on the horizon.
According to an AARP Public Policy Institute study, the ratio of caregivers to adults is dropping – now at 7 to 1. By 2030, this number nearly cuts in half to a ratio of 4 to 1. Caregiver tools and services are waiting to be innovated or created from an existing brand, with a senior benefit and dedicated marketing commitment. One opportunity could focus on California caregiver recruitment and retention. For those willing to follow the money, the potential is real.
Photo by Photographee.eu
- Brian Morris and I have been good friends and industry competitors for years. We both have run major advertising agencies and both have held top level client-side positions. I am a former partner at ad agency Davis, Ball and Colombatto, and the former Chief Marketing Officer at McDonalds and President, Theatrical Marketing for Warner Brothers. Brian and I are now in our 60’s and came together in 2017 to form a company that understands the Senior market better than traditional ad agencies, Silver Advertising. We are now poised to be passionate advocates for these consumers as they enter their 60’s, 70’s, 80’s and beyond.
- 2019.04.11HealthCalifornia Seniors are Driving Cannabis Growth
- 2019.04.11DemographicsIt Takes a Skilled “Geek” to help California Seniors Age in Place
- 2018.11.29MarketingChange the Way You Sell Senior Living
- 2018.11.29DemographicsWhat marketing to Vets teaches CMOs about marketing to California seniors