Older people taken together have a profound impact on economic activity.
“‘In coming decades, many forces will shape our economy and our society, but in all likelihood no single factor will have as pervasive an effect as the aging of our population.‘”
There is much nuance behind the trend toward longer lives in the U.S. and elsewhere. The main factors include medical advances, public health gains, higher living standards, and increased education levels, along with sharp declines in fertility. Modern elders in many parts of the world are taking advantage of longer lives to put in more years earning an income and to reimagine what their portfolio of activities might be in their next chapter.
The market for older adults extends well beyond AgeTech, which is the term for the products and services that use artificial intelligence, information technologies, and other digital advances to improve everyday life for aging adults. ABC’s DIS, +1.13% new show the Golden Bachelor features a 72-year-old man looking for love with women in their 60s and 70s. The show is attracting large audiences, as well as making a “big impression in social media and the wider culture,” writes Ken Stern, chair of the Longevity Project, a collaboration with the Stanford Center on Longevity.Yet business leaders and financiers have seemed uninterested in the demographics of aging for years .
Hopefully, the push among entrepreneurs and financiers who specialize in disrupting established markets and ways of doing business will encourage the wider business community to hasten their embrace of the opportunities for innovation opened up by an aging—yet healthier and better educated—customer. “Things are getting hot,” said David Krane, head of GV , during his panel session. “More and more people are waking up and seeing change is possible.”Why now? A major factor is Asia and its dynamic economies. Asia’s population is aging faster than any other part of the world. The population in Asia aged 65 and older totaled an estimated 414 million in 2020 and by 2060 the figure is projected to reach 1.2 billion.
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