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People aged 50+ are driving our economic growth as they now include four generations. Accius (2020), in The Longevity Economy Outlook, reported that the overall contribution of this older population, including their unpaid activities, was worth more than $9 trillion with the T in 2018.
The increase in the older population is led by three main factors. First, Baby-boomer is getting old. Second, we are surviving more through life. Third, the elderly themselves live longer.
Learning about the economy in the ageing era can bring many benefits to your business venture and social endeavor.
Table of Contents
3 Key Concepts of The Longevity Economy
- Older generations are quick to adopt new technologies.
- Unpaid activities are an ever-increasing burden on our society.
- Long-term care must be improved to be sustainable.
Ten million Millennials have to care for a family member. Is this really how it should be?
First, a quick tech adoption among older generations
Apparently, we younger generation was about older generations. Look around, and you will see that it doesn’t really matter what age we are; we all use technology. A prime example is, of course, communication technology like a smartphone. Your grandparents are using them, most likely. They are well in their 80s, but the study shows that they are embracing digital spaces, as 94% of people aged 50+ are connected with friends and family digitally.
The widespread misconception is that older people face barriers and challenges when it comes to adopting new technologies.Jean Accius, Joo Yeoun Suh
Second, unpaid activities are paramount
If you are from an Asian household, the scene of children caring for their parents is commonplace. However, this is not only true in Asia but around the world. In the US, the 50+ cohort has a responsibility to work outside and also caregiving at home. The time and effort they put inside the house to care for the elderly members is an unpaid contribution.
This introduces us invisibility of loss of economic power: the societal impact of unpaid contribution.
Third, long-term care, where and how it can be done
My opinion stems from health spending. In the US, it costs around $1.6 trillion. One way that we can reduce such expenses would be long-care preventive care. We can help each other and support in promoting wellness holistically.
8 Deimensions of Wellness
- Social Wellness
- Physical Wellness
- Occupational Wellness
- Spiritual Wellness
- Environmental Wellness
- Emotional Wellness
- Financial Wellness
- Intellectual Wellness
One option is to adopt a digital health invention specialized in-home assistance. A wearable for seniors is becoming common, and we should consider adopting this help. It is true that it does not matter how old we are; we want to be in our homes. Reportedly, 90% of older adults in the US want to remain living in their homes if possible.
Even when that demands work from our family members. To help them take responsibility away, considering a tracking device that monitors subtle changes in daily activities can be a great relief. The device can also alert families concerning trends such as missed meals, restless sleep, etc.
To sum up
Use digital health intervention in an older population. They can handle such technology. We all need a little help.
Overlook the burden of caregiving at home. There are, as we speak, too many unpaid caregivers. Such a model is not sustainable.
My recommendation is to push forward healthy longevity to add life to the years we have on this planet. Start a better and healthier lifestyle to prevent chronic diseases. So the role model, and start the movement.
I find the paper titled ‘The Longevity Economy Outlook’ by Jean Accius and Joo Yeoun Suh very insightful. Check them out, please.