Is the aging population an issue or an opportunity?
Age expert, Jon Werner, who runs a virtual accelerator, called silver moonshots, focussing on solving issues for the older adult, pointed out that 65 is the new 70… with life expectancy now about 75-85 (a few 100 years ago it was 50! ).
#work #innovation around #health #finance #education, #housing, #mobility #entertertainment and being an #olderadult is changing
John pointed out an interesting bbc article alking about the untapped potential of the longevity economy, written by Mari Shibato –
Highlights from this article
The baby boomers (with the youngest of us at 55 now aren’t keen to “get old and retire”
The Aging Population is growing
Over 80s are projected to triple, from 143 million in 2019 to 426 million in 2050.
The population aged 65 and older is growing faster than all other age groups, and global birth rates has been plummeting since the second half of the 20th Century (except in Africa)
Life stages can be quantified in fairly equal measurements of 8000 days
0 to 21,
21 to 40
40 to 65
65 to 85
If you make it to 65 years old, you have more than 50% chance you’ll make it over age 85 –
The Boston Consulting Group projects that by 2030, the 55-plus population in the US will have accounted for 50% all domestic consumer spending growth – 67% in Japan and 86% in Germany.
Governments are worried
Ageing has generally been considered detrimental to a country’s economic health, since it reduces the workforce and increases burdens on healthcare systems.
At this year’s G20 meeting in Japan, Bank of Japan Governor Haruhiko Kuroda said that an ageing population could pose “serious challenges” for central banks with governments around the world concerned about public systems of health care, pensions and social protection for older persons blowing out as the population of retirees will increase.
How can we “unlock” the World’s Fastest-Growing, Most Misunderstood Market.
As the population of elders increases and become healthier – this longevity should be a massive asset to society . This is a group of consumers, workers and innovators – who can still be active contributors to the economy.
KPMG’s 2017 report of online consumers in 51 countries revealed that baby boomers spend the most online at $203 on average per transaction, compared to ‘tech-savvy’ millennials, who actually spend the least at $173 on average.
Prolonging employees’ working lives
Workers are living healthier, longer lives, and an ageing workforce can be an opportunity to reap what consultancy Deloitte calls the ‘longevity dividend’ – being able to boost economic productivity from older employees.
In Germany, more than 21% of the German population is older than 65 – who are being helped by improved work conditions, improved econometrics at work and advances and support by AI, and VR – reducing the physical demands of the manufacturing process.
Giving jobs to the younger generation
Looking at the demographic shift, the work of the 21-65 year olds seems to be cut out for them – focussing on “looking after the 0-21 and 65 plus aged groups.
The 21-65 workforce will be shifting from a “manufacturing workforce” to a “service workforce” – making for a better planet.
The universe seems to maintain its perpetual balance and flow !