Health equals wealth: The global longevity dividend
Source: International Longevity Centre, UK
By Sophia Dimitriadis and Patrick Swain
We’ve become accustomed to our ageing population being presented as a bad thing. Dangerous rhetoric painting older people as disposable has become far too common, particularly since the start of the COVID-19 pandemic. The impact of ageing is portrayed as being overwhelmingly negative for our economy and society. Policy makers are so fixated on the direct costs of ageing that they fail to notice the significant and growing contributions that older people make.
This prevents them from fully realising the social and economic potential of older people – and from appreciating the potential longevity dividend. In countries that spend more in health, older people work, volunteer and spend more. Increasing preventative health spend by just 0.1% can unlock a 9% increase in annual spending by people aged 60+ and an additional 10 hours of volunteering.
In a recent Guest Voices column we learned that 60, 65, and 70+ year-olds can keep getting hired. This brief article from a UK longevity think tank explains why it’s good for companies to hire older workers and why keeping them healthy generates big bucks for nations in the G20. Don’t miss the more detailed report that you can download from the ILC website. Taking care of older workers pays off.
Do healthy older workers pay off in your world? What rhetoric have you encountered about the “costs” of hiring older people? Can you share an example of how aging employees pay off?