As we commemorate the milestones and achievements of the young, we often overlook the value of the elderly and their wealth of knowledge.
On Friday, 26th July, spectators were treated to the grand opening ceremony of the 2024 Olympic Games. With dreams of a life-altering medal, athletes made their way to Paris for the first time in a century. The French capital was buzzing with excitement as it welcomes 10,000 athletes that will compete across 329 events in 32 different sports. Dreams will come true, hopes will be shattered, careers will be shaped, and legacies will be solidified. Like many others across the country, I’ll become engrossed in unfamiliar sports, fervently supporting the athletes that have the odds stacked against them.
Observing the various athletes during the opening ceremony made me reflect on their ages. The range in ages of the athletes at the opening ceremony is quite significant, with a gap of more than 50 years between the youngest participant, 11-year-old Zheng Haohao, and the oldest competitor, 65-year-old Juan Antonio Jimenez Cobo. Juan Cobo isn’t alone in showing that age is just a number. Representing Team GB, Carl Hester, at 57 years old, defies age expectations and is set to match the remarkable accomplishment of fellow equestrian icon Nick Skelton by participating in his seventh Olympic Games. At the age of 72, Oscar Swahn made history as the oldest competitor in the Olympic Games, participating in his final event at Antwerp 1920. Although the Swede secured three Olympic gold medals in shooting, he narrowly missed the podium in another event, coming in fourth place behind his son.
Despite the accomplishments of Juan Cobo, Carl Hester, Oscar Swahn, and various other Olympians, our society continues to have outdated beliefs about ageing. Older adults are frequently labelled as weak and burdensome, hindrances that need to be dealt with, and face prejudice, especially in the workplace where their expertise and wisdom should be valued. As a society, we tend to prioritize the milestones and achievements of children and young adults, overlooking the importance of cherishing the elderly who possess crucial wisdom and important stories to pass down to younger generations. We have to change outdated beliefs about ageing.
The Office for National Statistics (ONS) predicts that the population of Wales will rise from 3,156,855 in 2023 to 3,372,122 by 2040. This increase is based on the ONS assumptions surrounding births, deaths, and migration. While a growth of 6.8% is interesting and gives plenty to think about (e.g. where will everyone live?), it conceals a more profound pattern in our country’s population. Between 2023 and 2040, it is anticipated that the number of people aged 65 and above living in Wales will grow by 24.3%. To put this growth in perspective, 1 in every 4 persons will be aged 65 and over by 2040 compared with only 1 in every 5 in 2023.
This paradigm shift will lead to one of the most significant societal changes in recent history, affecting healthcare, workplace, and social systems that currently lack inclusivity towards older adults or the necessary infrastructure to accommodate their needs. The time has come for us to commit resources to our support systems, utilizing technology, and fostering a collaborative response from governments, society, academia, and the private sector. By reframing society’s perception of aging and altering the conversation about older individuals, we can foster an environment where everyone can grow old with a sense of purpose.
The emphasis should be on decreasing health inequalities, not allowing them to grow, and concurrently finding ways to leverage the economic opportunities that come with an aging population. What measures can we implement in the workspace to promote long-term, high-quality work? How can companies improve their outreach efforts to effectively capture this market segment? Moreover, what steps can governments take to ensure the financial sustainability of the welfare states in light of an aging population?
Reviewing the latest ageing reports released by different countries, the general consensus has shifted from perceiving ageing as a challenge to understanding its viability. With a small shift in perspective towards the advantages of getting older, we can overcome the apprehensions that were previously expected. This is an area that economists have failed to fully delve into: the consequences of a vibrant aging population that remains in the workforce for an extended period. A healthier elderly demographic not only results in increased spending (as a result of working longer), but also leads to heightened levels of caregiving and volunteering. The challenge is how to get there. I think we’ll start to see a step change in this area very soon.
A significant shift in the economy’s structure will be one of the consequences of an ageing population. This is because each age group has distinct preferences when it comes to their consumption patterns. With the aging population, industries that focus on elderly needs, like healthcare and social care, are expected to expand and create more jobs compared to sectors targeting younger demographics.
The potential for serving the needs of an aging population is largely unexplored, and the market remains fragmented. This offers a hurdle, but also a chance for a wider ecosystem to flourish, where building a reputable brand, trust, and reliability among various stakeholders is imperative for scaling up innovative ideas. In order to effectively bring comprehensive services to market, it is essential for entrepreneurs, innovators, governments, society, academia, and private sector (such as retirement homes and insurance companies) to collaborate and create a unified platform that makes use of cutting-edge technology like Artificial Intelligence (AI). More importantly, older adults must be at the centre of this change, where their values and perspectives are included in the solutions.
