The global population is ageing, and according to United Nations’ projections, the number of over-65s will reach 1,5 billion by 2050 – one in six people on this planet.
The population is ‘greying’ in European countries and elsewhere.
Astonishingly, just short of a third of Japan’s population is already aged 65 or older.
In contrast, of the countries with the highest percentage of people under 18 years of age, the top 10 are in Africa and include Namibia’s neighbours Angola and Zambia.
Although still much lower than in developed countries, the lifespan of countries on this continent is also increasing and infant mortality is reducing.
Improved lifestyles coupled with better healthcare and medical treatment advances have resulted in people being healthier for longer.
An ageing population, not only in more developed countries, but even in countries on this continent, is all but inevitable.
More older people, fewer births and spending habits generally impact economies.
France is one country which is preparing for the future.
Despite widespread protestation, France has decided to raise the retirement age, meaning people will work longer and have more than a pension to spend.
Internationally the trend is to up the retirement age to 67, and some countries are already debating on even going beyond 70.
Namibia needs to move with the times as here public officials are compelled to retire at the age of 60, but ironically their political bosses can remain in office until they literally fall off their perches.
In Namibia’s private sector the retirement age is generally 65.
Unsurprisingly, firms value skills and expertise, so it is not unusual to find a retiree resuming work following a short post-retirement break.
Retirees often join a different business on a part-time basis, bringing along needed knowledge and skills.
It makes sense to engage retirees for their expertise, and it is also a cost-effective way to provide mentorship and on-the-job training to staff.
Such individuals, colloquially dubbed ‘retreaded retirees’, bring along fresh ideas on business reposition, restructuring and growing.
As for entrepreneurs, they seldom retire and tend to make entrepreneurship their lifetime focus, always looking for new opportunities.
Just look at the providers of goods and services in your own community, and you will see many silver heads up early to serve their customers.
They do so every single day of the year, including on public holidays.
Imagine the bleak business landscape and the void in your community should they retire.
Entrepreneurs literally work until the day they drop.
So, don’t ever bother asking me when I will retire.
Age is but a number, and not an indicator of productive potential, performance, skill, or anything else, for that matter.
Coming to the crux of the matter, is an aging population good for business?
Empirical evidence shows an ageing population is a blessing for business.
One thinks the obvious sector to benefit is healthcare. Wrong, there are other sectors too.
Speaking from experience, educated children leave one with more money to spend on oneself and to indulge in the finer things in life, including travelling and entertainment – or on grandchildren and charity.
Are older people perhaps a market for your business to target?
- Danny Meyer is reachable at danny@smecompete.com
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