Don’t Fear Aging Populations-Embrace the Opportunity

Concerns about an aging population are overblown. Society should celebrate and capitalize on the growing number of healthy, active, and creative older adults.

While many raise concerns about falling fertility rates and the challenges they pose to the economy and healthcare, others see the rise of the “silver economy” as a source of new growth. McKinsey Global Institute highlights these demographic shifts, and the IMF recognizes the potential for economic benefits.

Professor Sarah Harper, director of the Oxford institute of Population Ageing, points out that two-thirds of the world’s countries already have fertility rates below replacement level. Population aging is now certain.

But this isn’t necessarily a bad thing.Harper argues that it’s a success-more babies are born into a world where they have the opportunity to be highly educated, healthy, and live long lives.

While some older adults will require care in their 80s and 90s, the real opportunity lies in leveraging the health and education of those aged 50 to 70. We have a large group of experienced individuals ready to contribute.

Harper emphasizes that rather of resisting this demographic shift, we should actively seek out the opportunities it presents. “We have this massive cohort of healthy, active, older, creative adults,” she says.

The problem? We’re still operating within institutions designed for a different era.