Ways to influence emotions have always been an area of interest within the scientific community. The objective of this research is to find the role of technology in order to improve emotional wellness for the elderly population. We conducted a qualitative and quantitative study with the help of interviews and a survey. A sample of 24 respondents is selected randomly from the elderly population. The results showed a strong correlation between emotional, psychological and social wellness dimensions and elders comfort with the use of technology. Based on our study, we present a co-creation model to design wearables for monitoring and improving emotional wellness for elderly. There is a need for focused efforts to develop digital interventions for emotional wellness for elderly. It is important to include elders as co-designers to form effective solutions for elderly through a co-creation process.