Elder Care and Economic Impact

Frequently cited as the third oldest county in the United States, Sarasota is experiencing firsthand how an aging population has a direct impact on various regional dynamics, from workforce trends to long-term financial planning. These pressures are only expected to intensify in the coming years. Nationally, the 80+ population is projected to grow by more than a quarter over the next five years and nearly double by 2035, dramatically increasing demand for health care services, caregiving resources and long-term financial planning.

Health care sits at the center of this shift as providers across the region are seeing sustained growth increases across complex, chronic care needs, placing increased pressure on hospitals, outpatient facilities, rehabilitation centers and home health services. Globally, an estimated 2.3 billion people will require some form of care by 2030 due to aging populations and increased life expectancy. Care delivery is also becoming less continuous, requiring deeper coordination in specialty and elder care settings.

These workforce pressures are driving renewed attention to how care is delivered. Research points to the benefits of home-based care but making this model work requires a strong ecosystem of home health aides, caregiver support and community-based programming. At the same time, the ratio of potential family caregivers to seniors requiring care is shrinking rapidly. In 2010, there were roughly 7.2 potential family caregivers for every American aged 80 or older. By 2030, that number is expected to fall to just four caregivers per senior, intensifying concerns about a looming national “care cliff.”

Senior Friendship Centers is an example of a community-based organization that has been based in Sarasota for more than 40 years and plays a critical role in our local ecosystem. Through nutrition programs, caregiver resources, wellness activities and social engagement, they help older adults maintain independence and reduce isolation, reflecting how successful aging is a community infrastructure challenge, not just a health care issue. Federal data already shows that nearly one in four U.S. adults — approximately 63 million Americans — currently serve as family caregivers, a proportion expected to rise steadily as the Baby Boomer generation continues aging into retirement.

From a banking perspective, these demographic realities are shaping client needs in meaningful ways, enabling institutions to further support both individuals planning for retirement and health care organizations investing in infrastructure, staffing and technology. Long-term care planning and wealth transfer strategies are now central to financial conversations across the region, especially for the over-65 demographic.

Older adults must ensure their affairs are organized through updated wills, estate plans, healthcare directives and powers of attorney to help protect assets and reduce stress for loved ones. Aging business owners also face important succession planning decisions, including how and when to transition ownership, preserve business value and minimize tax implications.

While financial planning and wealth management are critical components of elder care, it is imperative to start planning when young. The time value of money and cost is exponentially negative every year one waits. An experienced banking team with expertise spanning both business banking and wealth management can help.

Sarasota’s aging population is both a defining characteristic and a driving force of change. While it presents clear challenges for health care capacity and workforce sustainability, it also creates opportunities to innovate across care delivery, financial planning and community support systems in ways that may serve as a model for other aging regions nationwide.

Kevin Gillen is Regional President at Pinnacle Financial Partners (Synovus Bank) covering Sarasota-Bradenton.