Bloomberg Financial On PERs and the Growth of Caregiving

“We don’t have enough long-term-care facilities to take care of people, and 90 percent of seniors want to stay at home”

Fueling the interest in monitoring aging relatives remotely are some compelling demographics. By 2020 about 45 million Americans will be caring for 117 million seniors, spending on everything from food delivery to safety and health monitors. Research by the AARP and consultants Parks Associates found that caregivers will spend an average of $509 annually for each person they tend to by 2021, a 69 percent increase from 2016. That number is only likely to rise. Caregivers are typically busy with their own kids and jobs, so beyond the direct spending lies an additional $522 billion annually in income lost because of time spent on elder care, the Rand Corp. estimates. Three out of four caregivers want to use technology to make their duties easier, but only 7 percent have actually done so, according to a 2016 study sponsored by AARP and others.