Longevity Economy Principles | World Economic Forum

#Ageingpopulation, #Healthcare, #Wellbeing

Learn how the Longevity Economy Principles can ensure a financially secure and healthy future for everyone

As our global population continues to age, ensuring financial resilience and promoting healthy ageing have become critical priorities. The World Economic Forum, in collaboration with Mercer, has developed the Longevity Economy Principles to address these multifaceted challenges. These principles provide a comprehensive framework to support individuals in their extended lives, emphasizing financial stability, health equity, and social connection.

The first principle focuses on ensuring financial resilience across key life events. Nearly 40% of individuals globally face financial instability following unplanned career interruptions such as illness, caregiving responsibilities, or unexpected retirement. Public-private collaboration is essential to provide the necessary support systems that help individuals navigate these challenges. Universal access to impartial financial education, as highlighted in the second principle, is also vital. Only 33% of the global population is deemed financially literate, which contributes to significant wealth inequalities. Comprehensive financial education empowers individuals to make informed decisions, promoting overall economic stability.

Prioritizing healthy ageing is the third principle. With an increasing portion of life expected to be lived with illness, equitable access to health services is crucial. Approximately one-fifth of life is now expected to be lived with some form of illness, underscoring the need for robust health systems that support long-term well-being. The fourth principle advocates for evolving jobs and lifelong skill-building for a multigenerational workforce. As demographic shifts and technological advancements change the nature of work, it is essential to adapt job roles and provide opportunities for continuous skill development to ensure that older workers can continue to contribute to the economy.

The fifth principle focuses on designing systems and environments that foster social connection and purpose. Social isolation and loneliness are significant issues that adversely affect older adults’ health and quality of life. Creating environments that encourage social interaction and community engagement can mitigate these impacts. This involves thoughtful urban planning, community-based programs, and workplace initiatives that promote social inclusion.

The sixth principle calls for intentionally addressing longevity inequalities, including those based on gender, race, and class. Longevity benefits are not equitably distributed, and there are stark disparities in life expectancy and retirement security across different demographic groups. Advocacy for pay and pension equity, along with support for informal caregivers, are crucial steps to ensure that all individuals can achieve financial security and enjoy the benefits of a longer life.

These Longevity Economy Principles offer a strategic approach to navigating the complexities of an ageing population. By fostering collaboration across sectors—governments, businesses, and civil society can work together to create a supportive environment for ageing populations. This holistic approach ensures that individuals can age with dignity, financial security, and purpose.

Moreover, implementing these principles requires a concerted effort to shift societal perceptions of ageing. It involves recognizing the value and potential contributions of older adults, promoting age-friendly policies, and investing in programs that support lifelong learning and healthy living. The commitment to these principles can lead to a more inclusive and resilient society where people of all ages can thrive.

The Longevity Economy Principles highlight the need for proactive measures to address the challenges posed by an ageing population. They serve as a guide for policymakers, business leaders, and community organizations to build a future where all generations can achieve financial resilience and well-being. As we move forward, it is imperative to embrace these principles and work collaboratively to create a sustainable and equitable future for everyone.

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