Building for the Silver Economy Means Selling to Seniors and Their Caregivers

By: Monique Woodard, Cake Ventures & Elana Berkowitz, Springbank

Aging Americans have more economic power than any generation before them. Baby Boomers currently account for 30% of the nation’s wealth, accumulating over $14 trillion in net worth since 2019 alone. Their healthcare spending outpaces other demographics by a significant margin — 5x more than what they spend per child and 2.5x more than typical working-age adults. However, with all of this economic power, this demographic isn’t making purchasing decisions in isolation.

The unpaid caregiving economy in the US is worth more than $1 trillion. This ecosystem of support helps shape choices about health, finances, and more, underscoring the interconnectedness of older adults and their families when it comes to deciding what products to purchase and use.

Knowing that ‘The Silver Economy’ is a demographic powerhouse, we wanted to understand the purchasing decision-making process across aging Americans and their caregivers to give founders building in the aging space direction on how to strategize marketing, communications, and their go-to-market motions. Topline findings from our research, include:

• Aging adults and their caregivers both think they are in charge of medical and financial decision-making, with both groups claiming control more than two-thirds of the time.
• Only 24% of caregivers report feeling optimistic about their roles, while over a third experience sadness or anxiety.
• Facebook is the dominant social platform used by 66% of older adults and 79% of caregivers.
• When it comes to trust and influence, older adults trust healthcare professionals 15% more than their caregivers and financial professionals 31% more.

Let’s dig into the research:

Older adults and their caregivers both think they call the shots

Both older adults and their caregivers believe they’re in the driver’s seat. When asked who makes the final decisions regarding healthcare and finances, both groups claimed control more than two-thirds of the time. As aging adults’ needs evolve, our research found that caregivers become increasingly involved in more aspects of decision-making, from managing prescription medications to supporting finances and helping navigate new technology. While this transition is often born of necessity, it can create emotional tension within family dynamics. The shift from independence to interdependence isn’t just practical — it’s deeply personal.

There is mounting pressure on family members who find unpaid caregiving stressful and sad

The emotional and practical burden on caregivers is substantial. While there is growing market commentary about the stress of the “sandwich generation” and “America’s Alpha Daughters,” our findings confirm this theory and paint a sobering picture: only 24% of caregivers report feeling optimistic about their roles, while over a third experience sadness or anxiety. Many caregivers rate their health as fair or poor and often delay significant life milestones, including starting their own families.

Interestingly, we discovered that older adults’ emotional trajectory moves in the opposite direction — their reported happiness levels actually increase with extended care, accompanied by decreased feelings of guilt over time.

Marketing to a multi-generational audience

When building products and services for aging adults, startup founders must be mindful of the multiple demographics they are marketing to and where to effectively reach them.

While older adults place high trust in financial advisors and healthcare professionals, younger caregivers are more skeptical (58% and 44% rank them as the most influential, respectively) while older adults who rank them at 75% and 73%. They rely almost as much on news shows (43%) and social media (41%) for health care and financial information.

Our research shows, as one might expect, that social media is an essential channel for reaching seniors and caregivers. Facebook remains the dominant social platform, used by 66% of older adults and 79% of caregivers. However, YouTube is gaining ground, with 52% of older adults and 80% of caregivers engaging with it weekly. While 65% of older adults still use traditional cable or satellite TV, 40% now primarily consume video content digitally.

While both aging adults and their caregivers said celebrity spokespeople don’t often sway them, two particularly influential voices that did stand out given how frequently respondents wrote them in were Dolly Parton and Oprah Winfrey. While we don’t expect that the majority of startups will have the budget or influence to tap Oprah and Dolly as spokespeople, utilizing the trusted and used platforms that both older adults and their caregivers tap to gather information will be critical for breaking through.

The AI opportunity and challenge

The rise of artificial intelligence presents both opportunities and risks for The Silver Economy. While AI has the potential to revolutionize elder care and support services, our research raises important concerns: 36% of older adults report having been victims of fraud, while 27% of caregivers have encountered scammers. As both groups increasingly rely on digital and social media for information, the challenge of distinguishing credible sources becomes more critical. In 2024, there were more than 1,150 AI-generated news sites operating with little to no human oversight, pushing false narratives produced by artificial intelligence tools.

This challenge is further illustrated in recent research from The University of Michigan finding that while the majority of people over 50 look for health information on the internet, 74% would have very little or no trust in such information if it were generated by artificial intelligence.

Startups building for the aging economy with AI or using AI tools for product marketing and promotion should be mindful of how they indicate validation and trust in marketing materials. Older adults and caregivers who rely on digital and social media for information might face challenges in discerning credible sources, and the rise of sophisticated AI-generated misinformation requires people to take a critical approach to evaluating digital content. Companies need to make it easy and straightforward for potential users to evaluate the trustworthiness of their brand.

The path forward for founders

For startup founders eyeing The Silver Economy, success lies in understanding, communicating to, and building for both aging adults and their caregivers. These groups are spending money to solve their challenges, and there are efficient ways to reach the dual stakeholders. When thinking through strategy for marketing and communicating your solutions, startups poised to win in this category will remember to do the following:

• Make sure to incorporate both personas of both older adults and their caregivers in your communications, go-to-market planning, and marketing strategies.
• Promote digital literacy, proven security measures, and use jargon-free language to establish trustworthiness in an age of misinformation and mistrust from both aging adults and their caregivers.
• Highlight partnerships and testimonials from individual financial and healthcare professionals instead of celebrity endorsements to instill confidence in your products and offerings.
• Caregivers consume more streaming media than older adults, where the majority of older adults are still using cable or satellite providers. Make sure you incorporate both channels in your advertising strategy and campaigns.
• Show empathy in your messaging and marketing campaigns that indicate you understand each role within the caregiving ecosystem.

This isn’t just about building for an aging population — it’s about creating solutions that serve an interconnected network of caregivers, family members, and professionals. The Silver Economy represents not only a massive market opportunity but also a chance to make a meaningful impact on millions of lives.

Want to dive deeper into these insights? Download our complete research report to access detailed findings, analysis, and recommendations for building in the Silver Economy here.