News You Need to Know: Demographics
The Scan Foundation: “Growing Demand for Long-Term Care in the U.S. (Updated),” 2012-06-01
This fact sheet describes trends that contribute to the growing demand for long-term care among Americans. The Scan Foundation anticipates significant growth in the demand for long-term care based on U.S. population is also living longer, often with chronic illness and disabling conditions. It is estimated that the long-term care need will increase from 12 million today to 27 million in 2050.
BISA: “Engaging Female Clients: An Industry Imperative,” 2013
By 2020, women are projected to control half of the wealth in the U.S. One driver for this is a dramatic increase in their earning power: four in ten women out-earn their husbands, representing an increase of more than 50% from just twenty years ago.
ESRI, Is “Seniors” One Demographic Group? An Analysis of America’s Changing Demographics, 2010-01-01
With over $2.3 trillion in disposable income, seniors are a force to be reckoned with. In 2000, the median age in the United States was 35.3 years. By 2010, this number had increased to 37.1 years. The population change for seniors, who are here defined as being 55 or older, is higher than the percentage change for the US population. For both boomers and seniors overall, their interests, social influences, goals, and preferences are very different from those of previous generations and among themselves.
To succeed in today’s fiercely competitive environment, financial institutions must thoroughly understand consumer spending patterns as tastes and behaviors change and new products are introduced. Staying abreast of or even anticipating shifts in consumer spending patterns can greatly benefit those who are responsible for making strategic decisions about product and service development, site selection, merchandise mix, and marketing.