Episode 15:9 Abby Levy on Tech-Enabled Services and the Importance of Planning

The Managing Partner and Co-Founder of Primetime Partners talks about building a fundamental infrastructure to improve the quality of living of older adults, including applied technology for financial longevity, caregiving, mental health, and resources for social determinants of health.

About Abby

Abby Miller Levy has spent her career helping businesses and consumer brands grow as an operator, entrepreneur, and advisor, most notably in the wellness sector. Prior to Primetime Partners, she was Senior Vice President of Strategy & Growth at SoulCycle, where she oversaw business development and revenue growth outside the consumer studio business, with an emphasis on building new digital products. Abby teamed with Arianna Huffington to launch Thrive Global, a behavior change technology company focused on employee productivity and wellness. Abby served as President of Thrive Global and remains on the Thrive Board. Abby began her career at McKinsey & Company then led product development at OXO International. She is a graduate of Princeton University and Harvard Business School. 

Key Takeaways

• Financial longevity is a key component to aging well. 50% of Americans are going to run out of money—not just because lifespans are increasing, but because we don't have an adequate infrastructure. People should start financial planning as early as possible.
• The number one resource to build your retirement savings is a tax free 401k. The second thing is to continue working. Forced retirement is going out the window—70% of Americans want to work longer.
• Only 11% of Americans have long-term care insurance. Many people assume incorrectly that Medicare pays for long-term care. Added to care expense are hidden costs such as home modification for aging in place.
• The cost is being borne by families. There are 53 million unpaid family caregivers who pay an average of $7,000 a year to take care of a loved one.
• Social isolation affects older adults disproportionally—50% of adults over the age of 85 live alone.
• Older adults don’t want to be stereotyped by age. They want to be aligned with their interests and passions versus numeric segmentation.
• Older adults are heterogeneous in interests, priorities, and attitudes, so marketers must consider microsegments not just sociodemographics.