Societies worldwide are undergoing demographic shifts, with more individuals living longer than ever before. This longevity revolution is often perceived as a threat to economic growth and sustainability, with an ageing population seen as a burden on younger generations. Yet, this view is fundamentally flawed.
Longer life spans shouldn’t be seen as a problem but as an opportunity. People are not only living longer, but they’re also healthier and more productive in their later years. This shift necessitates a reimagining of life’s structure, with a potential to extend education, work, and retirement over a more extended period.
The challenge lies in adjusting societal institutions and norms to accommodate these changes. The traditional three-stage life model of education, work, and retirement may no longer be suitable. Instead, a multi-stage life model that includes repeated cycles of work and learning could be more appropriate.
The economic implications of an ageing society are not necessarily negative. Older workers can contribute significantly to the economy, and the so-called “grey pound” or “silver economy” can drive consumer markets.
Finally, policy changes are needed to support this shift. These include promoting lifelong learning, supporting flexible working practices, and encouraging saving for longer retirements. These changes could help societies reap the benefits of increased longevity rather than viewing it as a threat.
Go to source article: https://www.project-syndicate.org/onpoint/the-myth-of-the-aging-society-by-andrew-scott-2018-05