Both my mom and my mother-in-law, members of the silent generation, outlived their husbands. I witnessed how their lives changed significantly as senior single women. Then the other day, I was reading an article that compared the life expectancy of men and women in the US. According to the demographic data, the average man lives until age 76 and the average woman until 81, 5 years longer than men.
This article got me to do some more research, and I discovered that over a third of husbands and wives are less than a year apart in age. While men are often slightly older than their spouses, most are within two years.
That got me thinking about those baby boomers (age 59-77 in 2023) who have accumulated an unprecedented amount of wealth during their lifetime for retirement. The leading edge of the baby boomer men demographic is starting to pass through the median life expectancy. As more baby-boomer men die, household financial assets will soon begin to migrate to the bank accounts of the elderly women who outlive their husbands. After years of playing second fiddle to men, women are poised to take center stage.
Generation
Wealth (2019)
Population (2019)
Wealth/Person
Silent Generation & Older
$18.8 Trillion
23.0 Million
$817,391
Baby Boomers
$59.4 Trillion
71.2 Million
$834,270
Generation X
$28.6 Trillion
65.0 Million
$440,000
Millennials
$5.0 Trillion
72.6 Million
$68,871
Source: Visual Capitalist
In the coming decades, these demographic changes and shifting societal dynamics will create a tsunami of new business opportunities for small businesses, which will have to support single senior women who are often very wealthy. With women outliving their male counterparts on average by five to seven years, there will be a growing need for services traditionally performed by their deceased husbands to be fulfilled by innovative and responsive small businesses. An untapped potential awaits entrepreneurs ready to meet the demands of this rapidly growing market.
Today, women control a third of total US household financial assets—more than $10 trillion. But over the next decade, large sums of money are expected to change hands. The biggest driver of this shift is demographics. Today, roughly 70 percent of US affluent-household investable assets are controlled by baby boomers. Furthermore, two-thirds of baby-boomer assets are currently held by joint households (where a female is present but not actively involved in financial decisions), meaning that roughly $11 trillion in assets are likely to be put into play. As men pass, many will cede control of these assets to their female spouses, who tend to be both younger and longer-lived.
The following seven types of services provide fertile ground for new small business startups that will fill the void and tasks typically performed by men after the woman’s husband has pre-deceased her.
Household Repairs and Maintenance: The man of the house often took on tasks such as fixing plumbing issues, repairing appliances, or handling general home maintenance.
Yard Work and Outdoor Maintenance: The man of the house typically handled tasks like mowing the lawn, landscaping, and other outdoor maintenance. Men were also often responsible for shoveling snow, clearing leaves, or handling heavy-duty outdoor work such as construction and repairs.
Car Maintenance and Repairs: The man of the house often took charge of car-related tasks, such as oil changes, tire rotations, and minor repairs. Beyond these basic tasks, some men also took on more complex car maintenance and repair jobs, such as diagnosing and fixing mechanical issues.
Heavy Lifting and Physical Tasks: The man of the house generally handled tasks that require heavy lifting or more physical strength, such as moving furniture, carrying heavy objects, or handling large equipment.
Home Security and Safety: The man of the house often took the lead in ensuring home security and safety, such as installing and maintaining security systems, handling repairs related to locks or doors, or managing outdoor lighting.
Financial and Investment Management: The man of the house has historically managed finances, investments, and long-term financial planning in some relationships.
Technology and Electronics Assistance: The man of the house was often assumed to have more knowledge and experience with technology and electronics. As a result, they often handled tasks such as setting up and troubleshooting computers, home entertainment systems, or other electronic devices like installing Wi-Fi networks, configuring smart home devices, or managing home automation.
It is important to emphasize that these examples are based on traditional gender roles and responsibilities and may not apply to all relationships or individuals.
Moreover, as single senior women aged 70 to 80, they not only require the services traditionally performed by their husbands but also other forms of assistance to support their changing needs as they continue to age. This opens up a multitude of additional opportunities for small businesses to cater to this expanding market. By recognizing and addressing these evolving requirements, entrepreneurs can seize the chance to provide specialized services that enhance the lives of senior single women.
Daily Living Activities: Individuals may find certain daily activities more challenging as they age. Many senior single women will need assistance with tasks such as meal preparation, housekeeping, grocery shopping, managing medications, personal hygiene, and getting dressed.
Healthcare and Medical Needs: Older people often have increased healthcare needs. Many senior single women will require assistance scheduling and attending medical appointments, managing chronic conditions, managing medication, and understanding healthcare information.
Mobility and Transportation: Mobility can become more challenging as individuals age. Many senior single women will need assistance with transportation to medical appointments, grocery shopping, social engagements, or other activities.
Financial Management: Managing finances can become more complex with age. Many senior single women will require assistance with tasks such as budgeting, paying bills, managing retirement accounts, understanding insurance policies, and filing taxes.
Social Engagement and Companionship: Older people often face social isolation and loneliness challenges. Many senior single women will benefit from companionship and social engagement to maintain their mental and emotional well-being.
In conclusion, as the average life expectancy of women exceeds that of men, there is a growing need for services traditionally performed by men to be provided by other means, as well as assistance for these senior single women in their twilight years. This presents a promising opportunity for small businesses to fill the gap and cater to their needs. As women take center stage and their financial assets begin to shift, small businesses that understand and cater to the unique needs of senior single women will find a thriving market just waiting to be served.
Is your business poised to provide products and services to an increasing population of well-capitalized elderly women as they live out their final years?
