Silver Economy Nordregio BSPC Shorter

Slide 1:Silver economy – a response to population ageing How can older people continue to make valuable economic and societal contributions after retirement?131 May 2021Rolf Elmér, Director, NordregioMats Stjernberg, Senior Research FellowSlide 2:2Slide 3:03/09/20183ContentBackground and contextPopulation ageing and the older Nordic population at a glanceKey elements for uncovering the potential of the silver economySlide 4:03/09/20184111Background and contextSlide 5:03/09/20185BackgroundThe silver economy refers to all economic activities linked to older age groups.Many seniors continue to make valuable economic and societal contributions after retirement.Older citizens provide significant economic and societal benefits, particularly if they are healthy and active.The older population has been referred to as an “overlooked demographic” whose needs remain largely unmet (European Commission, 2015).However, in recent years, opportunities related to the older population have become more widely acknowledged, both in EU-level policies as well as in the different European countries.Slide 6:03/09/20186BackgroundThis study examines policies and initiatives to promote the silver economy and the closely related concepts of healthy ageing, active ageing and age-friendliness in the Nordics.The following key questions are addressed:What are the preconditions for expanding the Nordic silver economy?What are the key elements for uncovering the potential of the silver economy?How can cross-border collaboration enhance the potential of the silver economy in border regions?Source: Unsplash.comSlide 7:03/09/20187112Population ageing and the older Nordic population at a glanceSlide 8:03/09/20188An outlook on population ageingPopulation ageing is a major demographic trend in Europe and in the Nordic Region.Fewer children and young people, along with increasing shares of older people.The intensity of ageing varies between countries.The figure shows changes in the proportions of children(aged 0–14) and older people (aged 65 and over)of the total population, 1985–2019 and projections to 2040. Source: Nordic statistics (2019a).Slide 9:03/09/20189The map shows differences between Nordic municipalities based on their old-age dependency ratio in 2019 (the number of persons aged 65 and over to the number of persons aged 15–64)The intensity of population ageing varies significantly also within countries.An outlook on population ageingSlide 10:03/09/201810The intensity of population ageing varies significantly also within countries.An outlook on population ageingOld-age dependency ratio 2019, averages by country and municipality type (in percentages). Data source: Nordregio calculations based on NSIs.Slide 11:03/09/201811Average life expectancy at the age of 65:In most regions, men aged 65 still have 18–20 years left to live, and women two to three years more.Regional and gender differences are noticeable, and health and wellbeing of older people is affected by several factors, such as:Income, educational level, physical activity, dietary habits, family situation and living and housing arrangements.Health in older ageSlide 12:03/09/201812Employment in older ageIncreasing economic and labour market participation is central for expanding the silver economy.Pension and labour market reforms in many countries to extend working careers.Employment rates have risen in the older working age groups during recent years.Noticeable differences between countries.Changes in employment rate of workers aged 55–59 in the Nordic countries between 2005 and 2019. Data source: Eurostat (2020).Slide 13:03/09/201813Employment in older ageIncreasing economic and labour market participation is central for expanding the silver economy.Pension and labour market reforms in many countries to extend working careers.Employment rates have risen in the older working age groups during recent years.Noticeable differences between countries.Employment rate by age groups (55–59, 60–64 and 65–69) in the Nordic countries in 2018. Data source: (OECD 2019).Slide 14:03/09/201814113Key elements for uncovering the potential of the silver economySlide 15:03/09/201815Tapping into the potential of the silver economy?Promoting health and activity in older age is key for strengthening the silver economy.Enabling older people to participate more actively in society and the labour market, while also having a positive impact on well-being and delaying care dependency.Making society more age-friendly and appreciating and activating the aspirations of seniors is central for realizing the full potential of older age groups.Ageism and age discrimination negatively affect older people and hinders their participation in society and in employment.It is important to change the perception of population ageing, which also includes overcoming outdated stereotypes of seniors.Slide 16:03/09/201816Tapping into the potential of the silver economy?Measures for improving the employability of seniors:Promoting education and training to strengthen digital capabilities.Creating more age-friendly workplaces.Providing greater flexibility in labour and retirements schemes.Population ageing requires a holistic approach to form interlinkages between a wide range of policy areas.There is a need for collaborative action between where the design and implementation of policies are carried out in close cooperation with various actors ranging from the public sector to local residents of different ages, resident and neighbourhood organisations, volunteer networks, research institutions and private companies.Slide 17:17Thank you!http://pub.nordregio.org/r-2021-7-potential-of-silver-economy-in-the-nordics/#Mats Stjernberg, Senior Research Fellowmats.stjernberg@nordregio.org