We have known for a while now that people are living longer which turns into a demographical shift for society. The statistic for the Memphis metropolitan area showed an increase of 25 percent of individuals aged 65 and over between 2010 and 2016 (an additional 35,216 individuals). What’s perhaps even more interesting (and likewise impacts the evolving demographic) is that during the same time frame the number of children dropped by 3.2 percent [11,271]).
What these numbers mean is that the aging population in the Memphis area is going nowhere fast and as such, society needs to respond. According to Memphis University’s Professor Emeritus of Economics David Ciscel, seniors are actually working to the advantage – at least financially – of the local healthcare industry, with their provision of a “base consumption level” which can lend support to the retail industry.
That’s the good news. The not so good news, as Ciscel sees it is that the senior population is not known for being as active in making educational improvements as other demographics.
According to Common Table Health Alliance CEO Emeritus, Renee Frazier:
“Productivity and education are not enhanced, and consequently economic growth is not enhanced when you have an elderly population. Memphis is so affordable, boomers aren’t leaving. They’re staying.”
There are often long waiting lists for long-term care facilities. As such it is likely that home-based healthcare will increase. Following a survey conducted by the Plough Foundation it was discovered that the three principal areas of need among seniors is (in order) nutrition, safe options to remain at home; protection from elder care abuse.
