Demographic changes in the age of population will force changes in the services offered by Senior Living providers
Guest speaker Lara Shea, CEO of Rivermead Retirement Living, addressed the Club, outlining demographic age trends that are and will affect providers of senior care. The history of structured senior care, began with Old Age Homes, then progressed to Nursing Homes, Assisted Living, 55+ Communities, and Continuing Care Retirement Communities. Scott Farrar Assisted Living on Grove Street in Peterborough is located on the original site of the oldest retirement home in the area, originally the Scott Farrar Farm.
Early retirement facilities were built with the needs of the "Silent Generation", WWI Generation in mind. The "Baby Boomer" generation has different needs; Rivermead was built with the WWII aged population in mind. The growth in senior population will change the complexion of providers of senior living services.
Early retirement facilities were built with the needs of the "Silent Generation", WWI Generation in mind. The "Baby Boomer" generation has different needs; Rivermead was built with the WWII aged population in mind. The growth in senior population will change the complexion of providers of senior living services.
U.S. Aged Population
2014 14%
2060 20%
The projected growth in the senior population has attracted equity investors, whereas previously Assisted Living providers operated largely as Non-Profit organizations. More seniors do not want to vacate their homes, hence Aging In Place is a growing trend.
Staffing and Labor supply are an increasing challenge to the Assisted Living Industry, in particular due to lower participation rates in the work force, now 61% vs. 63% a few years ago. The shortage will be addressed through Immigration or increased use of technology.