Aging in America: Implications for Family Resource Management

The Stanford Center on Longevity reports life expectancy has surged over the last 120 years. Unfortunately, living longer may not equate to living with a higher quality of life without considering the amount, type, and uses of all resources available to individuals and families as they age. Family Resource Management (FRM) is the science and art of how individuals and families make decisions to develop and allocate resources, including money, time, energy, space, material, and health assets, and networks of support to meet their goals. Living longer means making more decisions and developing and allocating more resources to enhance the quality of life over a longer period. Implications on and for FRM professionals abound. This article introduces a holistic model for aging wellness by integrating lifespan, healthspan, and wealthspan theories. The model provides educators and FRM professionals with the knowledge, skills, attitudes, and perspectives to address the lifestyle and environmental factors that most influence health and well-being in later life.