Age Concern employed me for thirteen years, from 1994 to 2007. In that period, we primarily implemented a dual approach: the policy and practice responses required to address the requirements associated with normal aging, as well as the rights and expectations of older people as citizens.
This must be viewed in the context of a population in which the proportion of older people is increasing, where patients are living longer with complex medical conditions, which presents resource challenges for health and care services, where the state pension provision is widely regarded as insufficient, resulting in many older individuals falling into poverty, and where the reduction of health inequalities is regarded as a critical indicator of a decent society.
As we age, nearly 40% of us experience financial instability due to unforeseen retirement, illness, or career interruptions. Other significant life events that can drive individuals and their families to financial hardship and, in some cases, the brink of poverty include layoffs, caring responsibilities, and the loss of loved ones.
It is evident that a socio-economic and financial infrastructure may be necessary to bolster the welfare state and civil society, in addition to a response from the welfare state and civil society. I believe that the Longevity Economy proposed by the World Economic Forum has a great deal to recommend it.
Firstly, action can be taken to promote financial resilience across key life events
For this to happen action and collaboration between the public and private sectors is crucial.
For example policymakers can design programmes that protect people from falling into poverty because of key life events. They can incentivize people to save for retirement and provide financial support for informal carers. Employers can give workers access to financial savings and insurance vehicles. Affordable and stable housing is also “critical” to healthy longevity.
We can also explore the potential of guaranteeing universal access to financial education that is impartial.
Globally, only one-third of individuals could be classified as financially literate. This contributes significantly, along with other structural issues, to disparities in life expectancy and wealth. However, financial education enables individuals to make well-informed financial decisions.
In order to effect change, policymakers can work with the private sector and citizens’ organisations to create a financial literacy curriculum.
We can work to prioritize healthy ageing as key for the longevity economy
Illness will impact an average of one-fifth of our lives. Additionally, medical expenses are a significant concern to the State and the individual. The quality of our life in old age can be enhanced by placing a greater emphasis on the prevention of ill health, rather than its treatment, indeed this shift is at the heart of the proposed 10 Year Plan.
Policymakers and health services can participate in the longevity economy by ensuring that a wide range of individuals have access to high-quality health education and services. It is possible to enhance the frequency of check-ups for critical disease groups.
Employers have the option to provide health and wellness benefits and programs, such as health insurance, critical illness coverage, and mental health benefits. Additionally, community organisations can facilitate the provision of health education and services that are easily accessible, as well as ensuring that communities are represented.
We can look to evolve jobs and lifelong skill-building for a multigenerational workforce
A quarter of people aged 55 and older want to work beyond the current traditional age of retirement but face many cultural and perception barriers in finding opportunities. In the longevity economy, jobs and skills need to fill this gap, so people can keep working across the generations.
Policies can be developed to help companies and workers evolve beyond traditional retirement ages. Employers can make it easier for people to rejoin the workforce after career breaks. Voluntary Groups can also work with the public sector on skills building initiatives and collaborate with the private sector on training best practice.
We can design systems and environments for social connection and purpose
The health and well-being of an individual can be substantially influenced by loneliness. Therefore, it is essential to establish social connections as we age.
Policymakers can collaborate with the private sector to establish environments that facilitate cross-generational connections as part of longevity economy initiatives. Companies can devise methods to maintain the sense of purpose and connection that older workers experience in the workplace. Social isolation can be alleviated by community organisations, which can also motivate individuals of all ages to participate in local activities.
We have to address longevity inequalities across gender, race and class
Everyone does not experience the advantages of longevity in the same way. Income, prosperity, and well-being are all unevenly distributed.
Education, resources, and instruments must be developed to encourage inclusion. It is imperative that policymakers and businesses consider the factors that contribute to disparities in financial resilience and longevity, such as gender, race, ethnicity, geography, disability, and socioeconomic background. Equal access to quality health, retirement, and social care is necessary for all individuals, irrespective of their origin or occupation.
Community organisations can and must persist in their advocacy for marginalised individuals and their oversight of the private and public sectors. They must be properly resourced to carry out this vital function.
Does this offer a socio-economic framework for sustaining a policy and practice response to our changing demographics? It may, but what is important is that we continue to debate and consider these matters in an informed and balanced way.
Older people are an important part of the debate and a real resource to be fully developed and utilised if we are to continue moving towards reaching sustainable conclusions that meet the needs and aspirations of all.
Chris Bain 