Tech Innovations and the Financial Benefits of Aging in Place

Posted On 06 Dec 2023
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By: Katie Brenneman

Population aging is becoming a dominant trend worldwide. As baby boomers age, more issues arise for older adults, such as fears about healthcare, independent living, and digital financial literacy.

Thankfully, new advances in technology and AI provide various ways for older people to manage their finances while aging in place for more comfortable and stress-free golden years.

Managing Finances with Technology

Financial literacy is necessary to secure the future; however, some older adults may fear speaking with a financial advisor or need a better understanding of their finances. That’s where a “robo-advisor” or other fintech program can help individuals better understand their current financial status and assist them in planning for retirement or future health care.

Digital banking can assist older adults with many aspects of financial management. These programs can streamline budgeting, paying bills, climate-conscious risk management, investing, and managing appointments through chatbots or virtual assistants.

With the convenience of online banking, older adults no longer need to enter a bank to conduct business. They can transfer funds and deposit checks through bank apps on their smartphones. Some banks even offer text banking, allowing account access and recent account history via SMS. These tools, often free, make it easier for older adults to manage their money without leaving home.

Access to Cost-Effective Medical Services

Technological advancements connect seniors with many cost-effective services, promoting savings and a better quality of life. Telemedicine is one tech tool that aging adults can use at no additional cost to access 24/7 immediate health care.

Telehealth platforms are ideal, cost-effective services for seniors, especially those in underserved or rural locations. Millions of older adults suffer from chronic medical conditions that require regular medical appointments, but they lack access to consistent healthcare. In some cases, older adults may live in areas with extreme heat or other weather conditions, making driving or taking public transportation to medical appointments difficult or impossible.

With telemedicine programs, healthcare providers can consistently serve their patients, improving health outcomes and reducing costs. Older adults then experience more personalized treatment, allowing them to manage their health from home.

Technology benefits people aging in place with easy access to online medicine subscription services. Online prescription services can help you stay consistent with auto refills and shipping to your door. This technology is critical for aging adults who cannot drive to the pharmacy but still need quick medication access.

Tech and Oral Health

Oral health is critical to seniors as it directly affects their overall health. Dental pain and disease are common reasons for costly emergency room visits. Dental health must be essential to the healthcare of seniors at risk of tooth decay, tooth loss, and gum disease.

Many tech tools and platforms can help seniors maintain their dental health. Telehealth dental providers offer insightful health information and video access to doctors. Whether you have a question about your painful tooth or want to learn more about dentures and implants, telehealth platforms provide it all. Other apps like My Dentist, which connects dentists and patients in emergencies, allow people to communicate via text, send pictures, make appointments, and find directions to a physical office.

Improved Transportation and Mobility

Older adults’ access to transportation and mobility can be hampered by inaccessible infrastructure and overwhelming, complex transit systems. Public transit has made it easier for aging adults to use the scenario by offering buses equipped with lifts and ramps for older adults with limited mobility. More transit systems allow riders access to real-time arrival and departure times and plan their trips more effectively through their app.

As we age, our reflexes slow down, and our short-term memory fades, increasing the risk of road-related accidents. Ridesharing services like Uber Central, GoGoGrandparent, and SilverRide offer climate-friendly transportation options. These services not only eliminate the need for older adults to walk long distances through parking lots or across roads, but they also connect older adults with mobility equipment and rideshares with large enough vehicles.

Additionally, artificial intelligence (AI) has become a powerful tool for aging adults and their transportation needs. Transportation planning e-tools that rely on AI are an increasingly popular way to provide information about various modes of transport and help people get to their destinations efficiently and quickly.

These e-tools range from providing basic directions to delivering real-time data, including traffic congestion, bus or train location, and route changes. With a simple program or app, older adults can easily plan their day around the necessary transportation.

Home Safety and Comfort

Aging in place means creating a home environment that is comfortable and safe. Many smart devices are designed to do that and are affordable for seniors, including:

  • Smart lighting
  • Smart thermostats
  • Smart speakers
  • Motion sensor control devices

Some companies are equipping canes and wearable technology to provide GPS location mapping, a built-in emergency phone, an activity tracker, and LED lights, amongst other perks. Wearable tech for older adults now includes devices that detect your daily activities, access to a touch button for immediate contact with caregivers, and unlock your doors. Sustainable smart devices can save older adults even more money on their home energy bills with smart power strips, shades, leak detection, and light products.

AI-powered monitoring systems are ideal for allowing seniors to maintain their independence while providing alerts should a fall or collapse occur. Smart home monitoring systems can be personalized to your preferences and routines. They can also detect when an accident happens, such as a slip and fall, and send out alerts notifying emergency services.

Use Tech to Help You Age in Place

AI and technology geared toward seniors are advancing at a rapid pace. That’s good news for aging adults who want to age in place. By supporting continuing education, adaptation, the prioritization of user-friendly designs, and accessibility, we can ensure that older adults can access AI-powered technologies to navigate the digital world. Technology can ultimately improve the quality of life and well-being of people aging in place worldwide.

Katie Brenneman is a passionate writer specializing in business management, tech innovations, education, and sustainability-related content.


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