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You are at:Home»Community & Charity»UK business ignores the silver pound
The New Aging Index

UK business ignores the silver pound

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Posted By sme-admin on July 25, 2024 Community & Charity

Being an older person in the UK can increasingly feel like being cancelled, new research reveals. Many older people say they now feel excluded and marginalised in countless aspects of daily life – leading to an increased sense of isolation and loneliness.

Not focussing on the silver pound is clearly a missed opportunity for retailers (particularly for high street fashion brands). The research reveals that many older people are desperate for more to be aimed at them, with nearly half (44%) saying they would love to wear more fashionable clothing if it was marketed at them.

This is the disturbing conclusion of one of the most comprehensive studies of its kind ever undertaken: The New Ageing Index, 2024, from Home Instead, the UK’s largest private provider of home care.

The project was an attempt to discover what older age in 2024 really looks like.

What do people think when they reflect on the prospect of their later years? How do the people who are already into older age feel? And what about people who find themselves looking after older people?

The groundbreaking research answers many of these questions – with new insights that often debunk popular perceptions around age.

How older people can feel cancelled / excluded 

Over a third of all respondents (35%) believe being old is like being cancelled. This rises to nearly half (43%) for older women (over 75s). And rises further to 46% for some of the youngest respondents (18-34 yo men). Almost a third (32%) of older men (over 75s) believe this to be the case.

Older people (currently the fastest growing cohort in society) feel ignored by fashion brands (60%) and high street brands (59%).

They also feel culturally excluded, saying they sense that new TV & cinema (57%) and music (66%) is rarely, if ever, aimed at them. Being excluded in this way directly leads to a sense of isolation and loneliness according to 66% of all respondents. This rises to 73% for the oldest cohort (over 75s).

Margaret Newson, 88, from Tunbridge Wells, said: “You get to a point in your life where you cease to exist as far as the rest of the world is concerned. Being excluded like this really is like being cancelled – you feel that you are no longer invited to the party.

“You begin to feel invisible in every aspect of your life which for many leads to an increased sense of isolation and loneliness.

“The older people I know are desperate for this to change. We live active and healthy lives and we want to be a part of things. And why shouldn’t we be?”

Martin Jones, Home Instead CEO, said: “Our report should be a wakeup call for businesses to provide better and more innovative services and opportunities for older consumers and older employees – and those that don’t heed it are missing out on potentially enormous revenue streams.

“We urgently need to challenge how older people are both perceived and treated in this country.

“Traditional stereotypes have become completely outdated. Older people can make a huge contribution and it’s clear from our research that they want to embrace life and be catered for at every level.

“The fact that so many of these people say they feel like they’re being cancelled is extremely concerning.

““The image we may have of retirees whose horizons have shrunk to just a bit of daytime TV and a cup of tea simply doesn’t stand up to scrutiny.

“While there is much positivity, the research does also highlight the wider negative impact of our ageing population on family carers. This is an under pressure group who deserve much more help.”

The research also shows the retirees of today are living more active, healthy and dynamic lifestyles than ever before – and are switched on culturally and technologically to a degree that completely contradicts the way many still perceive them.

Tech can connect 

We also see an openness to tech as a solution to issues thrown up by an ageing population – including a receptiveness among older people themselves.

There’s a huge appetite to make technology easier to use for older people with 77% of those surveyed agreeing this needs to happen. This rises to 91% for the oldest cohort. There’s also a strong belief that technology can transform how people are cared for at home (61%) and even openness to innovations like AI to combat loneliness (50%).

Staying healthy 

Some 66% of all respondents endorse diet and exercise as a means to stay youthful, and this rises to 76% among those who care for an older loved one.

There’s also a widespread belief in the power of medical science to assist with the consequences of ageing: some 54%  believe that both lifespan and healthspan will significantly improve over the next decade, rising to 67% among the oldest surveyed. (over 75s)

Staying active 

There is a picture of a continuing appetite for life – perhaps most noticeably on the issue of staying active as you get older, with an average 85% of all UK adults agreeing, rising to an amazing 89% among over-75s.

But there is also frustration, with an average 58% agreeing that older people are not encouraged enough to play sport.

What we fear most as we age

Independence in later life is a priority for many: people are more concerned about the prospect of ending up in a care home (44% ) than they would be about the death of a partner (36% ). And this care home fear increases with age steeply as people get to the age where it becomes more likely to happen: 60% for 66-74s and 58% for 75s-plus.

And 80% say that if they were to become ill then they would prefer to be treated at home – rising to 86% and 91% among the oldest cohorts. Similarly 54% of all UK adults feel the home is under-utilised as a base for treatment.

Then there are the specific conditions that people are afraid of – with a big three emerging in the form of Alzheimer’s, other forms of dementia and cancer.

Time for radical change 

The current system of social care is disliked: 52% say they would not trust it to look after them or their loved ones and 51% find it difficult to navigate. This impression of systemic failure appears so entrenched that as many as 39% remain determined to try and oversee any future family care needs themselves rather than seeking help.

There is some qualified optimism that the impending general election may see a new government sweep to power and take action on widely held social care concerns – or alternatively it may prompt the existing government to do more.

Over half (58%) believe the issue of caring for an ageing population is simply too important to be left in the hands of the political class. Instead there is considerable support (58%) for putting the whole sector in the hands of a body of experts to make it work better.

The vast majority (83%) believe there should be an allowance to help families look after elderly relatives.

Attitudes to ageing and the desire to slow it down

There is openness to medical innovation to slow the effects of ageing, in the form of taking approved new medications, again particularly among carers where 60% are potentially open to this against 47% of all UK adults.

The study also found that perceived potential enjoyment of old age and retirement actually increases with age, with both those aged 66-74 and over 75 believing that this stage will be their most enjoyable compared to those aged 35-54 (47% and 57% compared to 36%).

And anxiety about the ageing process also declines as age increases. A majority of those in middle age – 51% for 35-54s, 53% for 55-65 – say they would like to slow down the ageing process – but this dips to 43% for the next age group, 66-74 year-olds.

Home Instead UK is a national home care company which specialises in providing care and companionship in the home for older people. It also delivers specialist dementia care, Parkinson’s care, end-of-life, live-in care and respite care.

Home Instead surveyed over 1,000 people across all ages and classes – including a detailed examination of the experience of the country’s volunteer carers – to attain an insight into what it means to age in Britain in 2024. And to see how ageing is perceived more widely.

This is the first report of four from that in depth research, which will be repeated quarterly across a full calendar year looking into new aspects of age and ageing each time.

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