As Singapore’s demographic landscape evolves, it’s time to change the narrative around older adults and leverage the benefits of the longevity economy, says Dr. Kelvin Tan from SUSS.
SINGAPORE: By 2030, approximately one in four Singaporeans will be aged 65 and older—this includes everyone born in 1965 and earlier. While this statistic highlights the challenges posed by an ageing population, it raises the question: is this really a “silver tsunami”?
This term has fallen out of favor due to its negative implications surrounding ageing, which is, after all, a natural part of life. As Deputy Prime Minister Lawrence Wong stated on June 28 during the launch of the Forward Singapore exercise, we can transform challenges into opportunities.
One of those opportunities lies within the longevity economy, which allows us to tap into the evolving consumer habits of older adults. For example, in Japan, sales of adult “absorbent pants” have surpassed those of baby diapers since 2013, and reports suggest a similar trend will occur in China by 2025. Innovators are already developing artificial intelligence (AI) solutions to assist individuals dealing with incontinence.
However, the conversation shouldn’t only focus on extended lifespans. Factors such as increased wealth, better education, improved healthcare access, and technological advancements are contributing to a healthier older population. In Singapore, the health-adjusted life expectancy at birth has risen to 72.6 years for men and 75.8 years for women.
Thus, the outdated stereotype of a frail older person who is entirely reliant on the younger generation must evolve.
LONGEVITY ECONOMY TO REACH TRILLIONS
Indeed, a longevity dividend exists if older workers can continue to contribute to the workforce. For instance, companies like Prudential Singapore have eliminated the retirement age to allow older employees to remain in the workforce.
Moreover, as this demographic ages, they will represent a significant consumer base with changing needs and purchasing power. By 2030, Singapore’s silver generation is expected to spend nearly US$150 billion (S$209 billion), according to a Monitor Deloitte analysis.
Various sectors—such as healthcare, insurance, and technology—have already recognized the enormous potential presented by the baby boomer generation. In the Asia Pacific region, the longevity economy is projected to reach US$4.6 trillion by 2025, reflecting a 43% increase since 2020, according to a 2020 study by Ageing Asia. Businesses can tailor their services and products to accommodate the unique preferences of older consumers, taking into account community and family dynamics as well as how shopping experiences, brand marketing, packaging, nutrition, and health considerations differ for this group.
It’s crucial to acknowledge that the demographic of older adults is not a monolithic entity. A significant focus must be placed on catering to the needs of independent older adults while also helping them maintain that independence.
Post-pandemic, older consumers are eager to embark on new travel experiences. Travel agencies can design trips to suit their requirements, whether it’s old friends vacationing together or elderly parents traveling with their families. Tours can emphasize once-in-a-lifetime experiences or nostalgic memories, with an approach that accommodates their physical and cognitive needs by avoiding rushed itineraries.
Some innovative companies even offer “anti-ageing” packages that include spa retreats, wrinkle treatments, and makeovers.
SMART HOMES AND TELEHEALTH EMPOWERING OLDER ADULTS
Technological advancements can further facilitate independent living for older adults within their communities. Smart socio-gerontology products, such as Kinect games and interactive LED tiles, can keep older adults physically and mentally active while providing entertainment.
User-friendly gadgets can be worn or integrated into home systems to support older adults and reassure their families about their independence. Virtual assistant technology can aid older individuals in setting reminders and navigating today’s digital landscape. Various sensors can regulate light, sound, or temperature for safety while using appliances and can even detect unusual behavior in emergencies.
In Japan, social robots have been introduced to promote the well-being of older adults. For instance, Paro, a therapeutic baby seal robot, is popular among individuals with dementia. Another robot, LOVOT, is designed to be an “affectionate” companion, utilizing AI to recognize and respond to its user, helping to alleviate loneliness and depression.
Additionally, telehealth services can expand, allowing older adults to receive medical care remotely, saving them the hassle of traveling to clinics for routine matters. This is particularly beneficial for patients with ongoing health issues or chronic conditions. For instance, stroke survivors could engage in self-directed rehabilitation through technology that records and assesses their exercise routines.
MERGING PURPOSE AND BUSINESS
A Japanese start-up, Miharu, offers a lifestyle support service aimed at reducing social isolation and boosting the self-esteem of older adults. Young staff visit seniors’ homes regularly to provide various services, including digital assistance, storytelling, and shopping.
Ibasho Japan is another community initiative designed for older adults, enabling them to participate in community programs alongside friends and family. It is built on principles of pride, respect, and dignity, helping older individuals find purpose, which research indicates can slow cognitive decline.
The longevity market represents a significant opportunity for entrepreneurs. Universities, start-ups, and community partners are crucial agents of change in enhancing digital literacy, providing caregiving support, and delivering essential services such as meals on wheels.
Modern Aging, an accelerator program from ACCESS Health, operates in Sweden, Singapore, and China to foster the development of start-ups addressing the needs of older adults. Notable solutions from Singapore’s program include FlexoSense, which offers in-sole sensors for managing diabetic foot health, and Kinexcs, which delivers personalized health solutions for fitness enthusiasts with musculoskeletal conditions.
CHANGING PERCEPTIONS OF SENIORS
A shift in mindset regarding how we perceive older adults in society is essential. The experience of the emerging “young old” generation will differ significantly from that of previous cohorts. In addition to new spending habits and lifestyles, older adults will require long-term financial planning, continuous education, and lifelong learning.
They are increasingly familiar with technology and digital living and can actively participate in co-designing and co-creating technology for their peers. Singapore should strive to be a livable home for older adults, recognizing them as active individuals who can still contribute meaningfully, rather than viewing them as a burden on the healthcare system and society.
Investing in a longevity economy can transform the challenges posed by an ageing population into golden opportunities.
Dr. Kelvin Tan is a senior lecturer in the Gerontology department at the Singapore University of Social Sciences.
