Many in retirement are travelling comfortably, with three key factors contributing to their happiness – good physical and mental health and enough money to enjoy life.
Perhaps the assumption that markets are still anchored by predictable economic policies needs to be challenged. For the first time since the fall of the Berlin Wall, political volatility – once background noise – is potentially reshaping investment risk at a structural level.
AI can benefit seniors, especially on the health front
It’s becoming more apparent by the day that Artificial Intelligence (AI) is an integral part of our modern life. For many seniors, AI presents more negatives than positives, with concerns about privacy, accessibility and the potential for social isolation.
However, properly applied and controlled, AI presents opportunities for them to enhance their quality of life, promote independence and address age-related challenges.
First, let’s examine the negatives. Foremost among these are privacy and security. AI systems often collect and analyse personal data, raising concerns about data breaches and misuse. Further, seniors may be vulnerable to scams or phishing attacks (scam emails and messages) facilitated by AI technologies. Surveillance technologies, such as cameras or sensors, also feel intrusive to some older adults.
It’s also a question of technology. Many AI tools require familiarity with smartphones, computers or the internet, all of which can be daunting for seniors with limited tech experience. Cost is also a factor, as the price of advanced AI devices may be prohibitive for seniors on fixed incomes. Another potential negative includes voice-activated systems where some seniors struggle to understand the “voice”.
At the other extreme, over-reliance on AI companions or virtual interactions may reduce face-to-face socialisation, leading to feelings of loneliness. Seniors may become overly dependent on AI tools, potentially diminishing their sense of autonomy.
Some seniors are concerned already about issues such as telemedicine, preferring face-to-face contact with healthcare professionals. AI-driven healthcare decisions lack the empathy and human touch that seniors often value in medical interactions. The use of AI in elder care raises ethical questions about the delegation of care-giving responsibilities to machines.
Finally, AI systems are not infallible and may make errors in health monitoring or diagnostics, potentially endangering seniors. On the cost front, rapid advancements in AI may render older devices obsolete, requiring frequent updates or replacements.
That said, there are clear advantages in AI for seniors, most notably on the healthcare front. AI-powered devices, such as wear-able health monitors, can track vital signs (e.g. heart rate, blood pressure) and detect anomalies, enabling early intervention.
Telemedicine platforms with AI diagnostics provide remote access to healthcare professionals, reducing the need for frequent hospital visits. AI algorithms can predict health risks, such as falls or chronic disease exacerbations, allowing for preventive measures.
On the cost front, AI can reduce healthcare costs by minimising hospital stays and enabling remote care, and automation of routine tasks can lower the need for paid care-givers or domestic help.
AI can also improve independence and safety via smart home technologies, such as voice-activated assistants (e.g. Amazon Alexa, Google Home), helping seniors manage daily tasks such as setting reminders, controlling appliances and making calls.
AI-driven fall detection systems can alert care-givers or emergency services in case of accidents. Autonomous vehicles and mobility aids can enhance transportation options for seniors with limited mobility.
Chatbots and virtual companions powered by AI can combat loneliness by engaging seniors in conversations and provide emotional support. Social media platforms and video-calling apps with AI enhancements make it easier for seniors to stay connected with family and friends. AI-based brain-training apps can help maintain cognitive function and delay the onset of dementia.
AI can also tailor recommendations for entertainment such as movies, music or books based on individual preferences. Virtual assistants can simplify online shopping, medication management and appointment scheduling, while meal planning tools can suggest nutritious recipes based on dietary needs and preferences.
So where does all that leave us? Overall, AI offers significant benefits for senior citizens, including improved healthcare, enhanced independence and greater social connectivity. But these advantages must be weighed against potential drawbacks, such as privacy risks, accessibility barriers and ethical concerns.
To maximize the positive impact of AI, we need user-friendly, secure and empathetic technologies that provide adequate support and education to help seniors navigate the digital world. By addressing these challenges, AI can become a powerful tool for promoting the well-being and dignity of those ageing.
