Lack of adequate care for senior citizens is a real issue in India that cuts across economic and social strata. Many of us have personally lived through and experienced it with our parents and elders. Most senior citizens, especially those who live independently, are unable to get the care and trusted support they need. As a result, they compromise on their needs and lifestyle. Their children or caregivers are forced to spend disproportionate time, and/or resources to support them. So much so, that many women are forced to stay away from the workforce to take care of elders at home. The imminent demographic, economic, and social changes that accompany the growing population of senior citizens, together with the rising aspirations of the young, leading to more women in the workforce, are rapidly driving up the magnitude of this problem.
If we look at numbers, India is home to 115 million elderly, which is more than 8% of the population. Many of us don’t realize it, but that puts India into the category of “aging” countries. While India’s overall population will grow by about 40% from 2006 to 2050, the population of the oldest elderly, 80 plus, will grow 500% over the same period. This should be enough to make one take notice. Engaging with the elderly will become one of the biggest areas of work in the country. Some may see this as a challenge and some as a huge opportunity.
Businesses have attempted to address this only sporadically, with emotional advertising that features a poignant conversation involving an elderly grandparent. But there has been very little effort to provide products and services. The reasons for such apathy, especially among entrepreneurs, are not difficult to guess. Many feel that the elderly are cynical, not open to experiment and not willing to spend. Investors see bigger opportunities for exponential growth in addressing young, upwardly mobile consumers.
Still, I’m left with the question of why aren’t more products and services designed for the elderly? I sense a problem looking for a solution.
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