There is a new paradigm in the way of doing business. The seniors They appeared today as an economic engine in societies. Active, with better physical conditions and more energy to enjoy the vinea, have become an increasingly thriving segment due to their consumption capacity and possibilities of continuing to contribute to society.
This phenomenon, linked to the demographic change produced by the aging of the population, leads us to rethink and redefine the way we look at old age. The new longevity proposes new questions and demands to address: what challenges does an aging society pose to us? What should cities, spaces, objects, jobs and employment opportunities be like?
People aged 60 or older mobilize around 40% of global consumption. The demand for products and services aimed at older people makes up the largest and fastest growing market today, what is known as the “silver economy.”
The new longevity. According to figures from the World Health Organization (WHO), In the year 2000 there were only 605 million people over 60 years of age in the world. However, it is estimated that by 2050 there will be 2 billion, that is, more than triple that figure. Argentina is one of the most “aged” countries in Latin America and the Caribbean, with a +60 population that exceeds 7 million people and represents 16.1% of the country’s total population.
This is due to several factors among which, according to a report by the ECLACthe increase in life expectancy stands out as a constant and continued process that has occurred throughout the last century and extends to the present. Although today only one in 10 people in Latin America and the Caribbean is over 60 years old, it is projected that, in just 30 years, that proportion will increase to one in four people.
But the most surprising thing is not only the immensity that this segment of the population is covering, but also that it has very different characteristics from those usually associated with the “senior age.” First, many of them will continue to work, due to the global trend of postponing retirement age. They will also be less likely to be receiving family care, as families will be smaller in the coming decades and female labor force participation will continue to rise.
These characteristics are turning this population sector into an engine of employment, growth and innovation, from which brands, businesses and companies cannot be exempt. He Inter-American Development Bank (IDB) identified a total of 245 entities, both public and private, committed to providing services and products aimed at meeting the needs of older people.
A notable fact is that 75% of these actors are for-profit, and 40% of them are concentrated in the field of health and care, indicating a growing attention towards the well-being and care of this demographic segment.
Future work and personal finances. Last month, the 2023 edition of the Silver Opportunities Summitorganized by the Silver Economy Forum LATAM, where the different alternatives related to the work of today and the jobs of the future were addressed, as well as the extension of people’s working lives.
During the meeting, Carlos AlustizaCEO of Great Place to Work, He maintained that, in this situation, “the mission is to generate better workplaces where trust and age diversity are fostered.” For this – he emphasizes – continuous training will be a key element.
In any case, workplaces are not the only thing that is being renewed as a result of the new situation. The new proposals also reach the financial world. So do finances and the new opportunities that emerge with the new reality that have to rethink this scenario. “In Argentina, 3 out of 10 people are ‘silver’, that is, over 55 years old,” limited Silvia Tenazinha GMain stream of Santander Group and “Wealth Manager” thereof.
For its part, Andrea Falconeone of the founders of the Silver Economy Forum Latam, warns that “in the world there is a financial ignorance of 69% among adults over five decades and a saving difficulty of 45% in Latin America. Although no one can say how much to save or how, what you cannot do is not have information to be able to plan your future,” he says.
A +60 app. The Autonomous City of Buenos Aires is one of the jurisdictions with the highest life expectancy: Almost 1 in 4 residents are elderly. Of this universe, 82% are homeowners and 70% have completed higher education.´Sofia Torroba, Secretary of Integral wellness of the City Government, points out that “the new longevity presents challenges, but also many opportunities, that is why we work to offer initiatives for well-being that contribute to building a city that is friendly and inclusive of older people, that fosters ties and stimulates development.” , in all stages of life”.
The application was developed by the City Government Club +Simple, a content platform that seeks to provide in a simple, accessible and interactive way information and assistance to the elderly of the City and those who travel through it daily. The goal is for older people to find digital tools that make their daily lives easier, with a user-centered design that generates a friendly experience and puts the older person as the protagonist. After all, the change in perception from subjects of assistance to protagonists in the marketing actions of companies, in addition to aligning with a new reality, offers a business vein that was unthinkable until recently.either.
by Jimena D’Annunzio and Franco Della Vecchia
