A new-Age-well initiative doomed to fail

My university announced a new AGE-WELL National Innovation Hub unveiled this week at SFU's Surrey campus will address ageing challenges through digital technologies aimed at improving seniors' quality of life. The hub will benefit from $3.5 million announced by Western Economic Diversification Canada during its launch.

The AGE-WELL National Innovation Hub: Digital Health Circle will bring communities and experts together to tackle age-related challenges, support partnerships to create real-world solutions, develop talent to meet the needs of B.C.’s tech businesses and help older adults in B.C. and across Canada live well. 

“Our aim is to leverage the extensive resources already established in B.C. to spur the development of technologies and services in the digital health sector,” says Andrew Sixsmith, scientific co-director of AGE-WELL and an SFU gerontology professor. “The new ideas that are generated and products created will benefit older people and caregivers right across Canada.”
The hub will also help B.C. companies, community and academic partners design solutions that fit the needs of their users and stakeholders. 

Leading the Digital Health Circle’s team of experts is Sylvain Moreno, an associate professor of professional practice at SFU’s School of Interactive Arts and Technology (SIAT), who specializes in neuro-technologies related to interactive digital media and brain health solutions.

“The Digital Health Circle’s focus on translating knowledge into new technologies is essential for British Columbia to strengthen our research and innovation while growing the health technology sector in B.C.," says Moreno. "The hub will coalesce these objectives to deliver real impact and improvement to the ageing population in B.C."

Sounds great, but this appears to me to be another initiative that does not have any seniors working with them. I could be wrong but when I tried to find out information on the net I was led to press release documents that did not have any useful information about the team that SFU has working on this project. The information about them showed that they had great academic qualifications but they were all looked below the age of 50.

Any program that purports to deliver real impact and improvement to help "the ageing population" that does not have seniors represented on its staff or on its planning board, is wasting its time. I am sure the young people (under the age of 60) at SFU think that they are/will be doing great things but they are, in my humble opinion wasting their time unless they start to listen to seniors and those seniors have some voice in the setting of objectives.

There are too many programs and agencies out there that have a very paternalistic view of seniors, this attitude is, to me evident, in this latest announcement from SFU. The University will make money and the scholars will deliver great papers that will not be read or used by seniors because there appears to be no path to reach seniors. 

Xmas bills arriving, time to get control

We are two weeks into 2019, and the Xmas bills may be just starting to arrive. Hopefully, the Christmas season was not one where control was lost and more money spent than anticipated. 

Life is expensive, especially during the festive season. We want to be generous and be seen as giving, but that is no excuse for using credit cards to support your lifestyle. Credit card debt is not a fact of life or should not be a fact of life.  We have the ability to save for our next purchase or we have the ability to put off instant gratification if we use self-discipline. This may come as a shock but we can save up in advance for a vacation or new kitchen appliances.

A survey done in 2016 in the US found that Americans cite credit card debt more often than any other form of debt. Of those respondents that have debt:

• 62 percent have credit card payments
• 32 percent have car loans
• 29 percent have home loans
• 19 percent have medical bills
• 19 percent have student loans
• 13 percent have personal loans

According to Nerdwallet, the average household that’s carrying credit card debt has a balance of $15,482. Households with any kind of debt owe $134,058 (including mortgages), on average.

Nothing can ruin your finances quite like high-interest credit card debt compounding every month. Credit card debt comes with a cost. The average household with revolving credit card debt pays $904 in interest annually. 

Stop everything and assess your income and expenses. Cut discretionary spending, put any savings plans on hold, and throw every cent towards your highest interest debt until it’s gone, you only have yourself to thank when you have taken control. Make this one of your late New Year's resolutions.

A research study looking for Volunteers

Living past 70, have you planned well?

Aegon an English pension and life insurance company asked a panel of 700 consumers from age 18 to 64 to reflect on aspects of life that might influence their financial well-being at age 70 such as work, health and caring responsibilities.

This year there is an increasing number of people who are celebrating their 70th birthdays. As these partiers face the future and all of the challenges it will bring them. Our hope is that they have done all they can to ensure they have all they need to be financially secure in later life.

However, the survey revealed that more than one in four people (26.9%) think they will be working either full or part-time at age 70, with women (24.5%) slightly less likely than men (27.5%) to think this despite them on average living longer. This suggests a clear move away from the previous practice of women retiring at 60 and men at 65.

Working into later life is only possible for those who remain in good health, and it’s positive to see that 45.8% of people believe they will still be fit and healthy enough to work if they choose to at the age of 70 although it’s risky to have no fallback plan should health deteriorate. In general, the survey revealed that most people envisage being physically and mentally fit and able at the age of 70.

• 50.1% believe they will be fit and healthy enough to enjoy their retirement fully.
• 65.7% believe they will be physically active at age 70.
• 62.6% believe they will be mentally agile at age 70.
• 73.5% are confident they will be financially stable at age 70.

Nearly one-fifth of people (19.5%) think that they will still be financially supporting the family when they are 70. And an additional 21.8% were unsure. This suggests the bank of mum and dad will be a feature of an increasing number of septuagenarians.

Being prepared for later life isn’t just about the amount you have in your pension, although a healthy pension pot certainly helps. There are other influences to consider when it comes to financial well-being. 

You can’t predict what life will have in store at age 70, but considering your future in terms of work, health and caring responsibilities will help build a realistic picture of what you should prepare for financially.

Statistics show that the life expectancy at 70 is almost 15 years for men and almost 17 for women meaning people are living well beyond their 70th birthday.

It’s clear that people no longer expect to retire at as early an age as their parents, and the state pension age is not the defining ‘retirement moment’ at which they stop work. For some, working beyond the past ‘traditional’ retirement age will be a lifestyle choice, but for others who put off planning ahead, it could be a financial necessity to cover living costs. 

However, it’s risky to plan on working indefinitely with no fallback plan. It’s difficult to predict your future health, particularly into your 70s meaning it’s always best to start making some financial provision for life after work as early as possible. Speak with a financial adviser who can offer tailored advice to meet your personal needs and circumstances.