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Growing old without money worries and poverty
Paolo Narciso: AARP Foundation
Money worries in old age are an everyday concern for a huge number of senior citizens around the world. In the United States, one in seven live in poverty. It is an unacceptable number and Dr. Paulo Narciso, Vice President of Impact Areas for the AARP Foundation, is determined to reduce it. He and his colleagues are using financial technology to help vulnerable older adults save for unexpected expenses, and Voice Enabled AI to detect social isolation and improve social connectedness. In this LLAMA podcast interview with Peter Bowes, Dr. Narciso explains how even the poorest people in society can save for their old age; why unforeseen circumstances sometimes “spiral out of control,” and how Silicon Valley innovations could provide the best answers.
NOTES AND QUOTES
In this interview we learn about:
- The principles of innovation that are being applied by the AARP Foundation to tackle poverty amongst older people.
- The four pillars of senior citizen poverty
- Income security – enough money to cover expenses.
- Housing security – making sure we can “age in place” if desired.
- Food security – having access to the right foods
- Social isolation – increasing social connections and support as we age
- How digital technology and the principles of behavioral economics are being used to help people save, with an app.
- Living the lives that we want, with a “saving mindset.’
- Why human nature means many people will give money to others while neglecting their own needs.”
“We see that in churches – people will tie 10 percent of their income despite the fact they don’t have anything for themselves. They always are willing to give back. We just have to take that mindset and have them pay themselves as well.”
- Why some cultures, outside the U.S., put more emphasis on caring for older adults.
- How Dr. Narciso says his eyes have been opened to the plight of older people since joining the AARP Foundation.
- The resilience of people and Dr. Narciso’s “defining moment” working on a refugee camp during the exodus from Vietnam.
- Why, as a businessman, Dr. Narciso’s measure of success is based on jobs created rather than profit.
- Dr. Narciso is also an accomplished athlete and a veteran Iron Man competitor. Why he says the sport is “life changing” and how it mirrors his business life, when “life is not always fun and games.”
“What I’ve learned from Iron Man is, it might look hard now but just keep moving and the next mile might be a little bit better.”
Dr. Narciso previously founded CloudHealth Asia and, as a serial entrepreneur, he has led several startup ventures.
At the 2017 USC Body Computing conference LLAMA host Peter Bowes moderated a session focussing on better outcomes for older people through the use of digital technology. Watch the video here.
Related LLAMA podcast interviews:
- Lisa Marsh Ryerson (Ep.35) – President, AARP Foundation,
- Dan Trigub (Ep. 34) – Lyft. The ride sharing company teamed up with the Center for Body Computing and the AARP Foundation to pilot a program to connect senior citizens with affordable transportation.