Global Agenda Council on Ageing Society Global Population Ageing: Peril or Promise? This book is dedicated to the memory of Dr. Robert N. Butler. An early chair of the Global Agenda Council on Ageing Society, Bob inspired us all through his ideas, his optimism, his insights, and his ability to think and work outside of the box. He was a giant in the field, a wonderful colleague, a mentor to many, and a friend to us all. He will be missed but never forgotten. Suggested Citation: John R. Beard, Simon Biggs, David E. Bloom, Linda P. Fried, Paul Hogan, Alexandre Kalache, and S. Jay Olshansky, eds., Global Population Ageing: Peril or Promise, Geneva: World Economic Forum, 2011. © World Economic Forum 2012 - All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means, including photocopying and recording, or by any information storage and retrieval system. Contents 02 Preface Klaus Schwab, Founder and Executive Chairman, World Economic Forum 03 Foreword Margaret Chan, Director-General, World Health Organization 04 Introduction John R. Beard, Simon Biggs, David E. Bloom, Linda P. Fried, Paul Hogan, Alexandre Kalache and S. Jay Olshansky 14 I. The Backdrop: What We Must Contend with and Why We Must Act Now 15 Chapter 1 : The Meaning of Old Age Laura L. Carstensen and Linda P. Fried 18 Chapter 2 : Ageing and Financial (In)security Jack Ehnes 21 Chapter 3 : Women and Ageing Saadia Zahidi 25 Chapter 4 : The Media’s Portrayal of Ageing Colin Milner, Kay Van Norman and Jenifer Milner 29 Chapter 5 :Ageing and Intergenerational Equity Norman Daniels 34 II. Investing in Ourselves: How to Release Social Capital 35 Chapter 6 : Population Ageing: Macro Challenges and Policy Responses David E. Bloom, Axel Börsch-Supan, Patrick McGee and Atsushi Seike 39 Chapter 7 : Social Capital, Lifelong Learning and Social Innovation Simon Biggs, Laura Carstensen and Paul Hogan 42 Chapter 8 : Leadership: The Elders S. Jay Olshansky 46 Chapter 9 : Organizational Adaptation and Human Resource Needs for an Ageing Population Atsushi Seike, Simon Biggs and Leisa Sargent 51 Chapter 10 : Ageing Workforces and Competitiveness: A European Perspective Giles Archibald and Raymond Brood 56 III. Pursuing Healthy Ageing: What Healthy Ageing Involves 57 Chapter 11 : The Longevity Dividend: Health as an Investment S. Jay Olshansky, John R. Beard and Axel Börsch-Supan 61 Chapter 12 : Design and Operation of Health Systems in Wealthy Industrial Countries Linda P. Fried, Paul Hogan and Jack Rowe 65 Chapter 13 : Design and Operation of Health Systems in Developing Countries David E. Bloom, Ajay Mahal and Larry Rosenberg 69 Chapter 14 : Ageing Africa: Opportunities for Development Isabella Aboderin 74 Chapter 15 : Modern Medical Education: Meeting the Demands of an Ageing Population Daniel Ryan and John Wilden 78 Chapter 16 : The Challenge of Non-Communicable Diseases and Geriatric Conditions Ronald Williams and Randall Krakauer 82 IV. Redesigning Our Environment: What a Better World Might Look Like 83 Chapter 17 : Social Protection of Older People David E. Bloom, Emmanuel Jimenez and Larry Rosenberg 89 Chapter 18 : Human Rights in Older Age Alexandre Kalache and Richard Blewitt 93 Chapter 19 : Ageing and Urbanization John Beard, Alex Kalache, Mario Delgado and Terry Hill 97 Chapter 20 : International Migration and Population Ageing Hania Zlotnik 103 Chapter 21 : Financial Education and Older Adults André Laboul 107 Chapter 22 : Technology and Ageing Gerald C. Davison and Aaron Hagedorn 112 Appendix – Statistics 138 Biographies of Authors Global Population Ageing: Peril or Promise? 1 Preface In a world in which much change is unpredictable and immediate, global ageing – the unprecedented increase in global population over the age of 60 – is a highly foreseeable long-term trend. It is also, of all global issues, one of the most amenable to risk management in terms of identification, measurement and mitigation of possible consequences. Yet, ageing is widely seen as one of the most significant risks to global prosperity in the decades ahead because of its potentially profound economic, social and political implications. Global ageing, in developed and developing countries alike, will dramatically alter the way that societies and economies work. The issues include how individuals find fulfilment, at what age they retire, and Klaus Schwab their quality of life once they do retire; how governments devise social contracts to provide financial security; how the older and younger Founder and generations interact as they divide up the economic pie; how businesses Executive Chairman staff their jobs to compensate in many countries for shrinking World Economic workforces; and how health systems respond to the altered needs of Forum those living longer. If policy-makers and leaders fail to plan adequately for the changes ahead, they will be inundated by the effects of global ageing, such as a dearth of workers, strained pension systems, and overburdened health care systems. But the good news is that if we act now, in a creative and proactive manner, we will have the greatest chance of realizing the potential benefits of the ageing trend – such as utilizing the immense social capital of older people – while avoiding its perils. The wide range of ramifications makes ageing a topic appropriate for treatment by the Network of Global Agenda Councils. This book is the product of a true collaboration among the business, political, academic, and other leaders of society that make up the Network. Driven by David Bloom, the Chair of the Global Agenda Council on Ageing Society, this book brings together perspectives from multiple stakeholders to provide a broad range of views on the issues for policy-makers, business, and political leaders. The essays examine the interplay between population ageing and many facets of the modern world, such as urbanization, gerontechnology, international migration, and social protection programmes. Global Population Ageing: Peril or Promise is part of the Council’s long-term work on the issue and will provide the background for its activities over the next few years. I am extremely proud of the work undertaken by this Council on this complex issue and look forward to following an informed debate on possible innovative solutions – such as new medical and business models and age-friendly cities – as the Council delves deeper into this new demographic reality. 2 Global Population Ageing: Peril or Promise? Foreword Populations around the world are rapidly ageing, and it is less developed countries that are experiencing the most dramatic change. This is a cause for celebration. In part, it reflects our successes in dealing with childhood disease, maternal mortality and in helping women achieve control over their own fertility. However, population ageing will also present both challenges and opportunities. If we do not adapt, it is likely to strain pension and social security systems, increase demand for acute and primary health care, require a larger and better trained health workforce and increase the need for long term care, particularly in dealing with dementia. But the opportunities are just as large. Older people are a wonderful Dr Margaret Chan resource for their families and communities, and in the formal or informal Director-General workforce. They are a repository of knowledge. They can help us avoid World Health making the same mistakes again. Indeed, if we can ensure older people Organization live healthier as well as longer lives, if we can make sure that we are stretching life in the middle and not just at the end, these extra years can be as productive as any others. The societies that adapt to this changing demographic can reap a sizeable “longevity dividend”, and will have a competitive advantage over those that do not. But this will not come easily. We first need to change the way we think and the way we do business. We need to discard our stereotypes of what it is to be old. We need to consider the interaction of ageing with other global trends such as technological change, globalization and urbanization. We need to “reinvent” ageing. Above all, we need to be innovative and not simply try to reinvent the past. People are already questioning our traditional view of older age. A recent survey in the United States showed that it was only a small minority who wanted to retire at the traditional age. Around 80% wanted to continue to participate – but not in the same way. They wanted to work part time or start a new career, or launch a small business. They wanted flexibility. This is exciting, because if older people can remain active participants in society, they can continue to contribute to our socioeconomic development. Engagement also prevents isolation and loneliness, and ensures their financial security. At the World Health Organization we see good health as central to this ambition. This is why we have chosen ageing as our theme for World Health Day 2012. I welcome this timely book, which deals with some of the many other perspectives of population ageing. The diverse chapters within it can help us invent the kind of society we might want to be part of in the 21st century. Global Population Ageing: Peril or Promise? 3 Introduction In academic and policy circles, ageing is While this ageing trend started in the What are the major drivers of population becoming a hot topic. The media is flush with developed world, it is now a global ageing? Three drivers stand out: stories on ageing, and international groups are phenomenon, and it is accelerating, especially • Declining fertility. The world’s total fertility increasingly singling out ageing for discussion in the developing world (Figure 1). In industrial rate – that is, the number of children born and debate. The World Health Organization countries, the share of those 60-plus has risen per woman – fell from 5 children per (WHO) has dedicated its annual World Health from 12% in 1950 to 22% today and is woman in 1950 to roughly 2.5 today, and is Day in 2012 to ageing. The European Union expected to reach 32% (418 million) by 2050. In projected to drop to about 2 by 2050. Most has designated 2012 as the Year of Active developing countries, the share of those of this decline has occurred in the Ageing and Solidarity between Generations. 60-plus has risen from 6% in 1950 to 9% today developing world, where the share of The UN General Assembly held a High-Level and is expected to reach 20% (1.6 billion) by children in the population is expected to Meeting in September 2011 on preventing and 2050. The pace of this change means that drop by half by 2050 from the 1965 level. controlling non-communicable diseases developing countries will have much briefer As families have fewer children, the (NCDs) – a threat to human health and the periods to adjust and establish the older-age share of the population naturally global economy that is strongly associated with infrastructure and policies necessary to meet increases. ageing. the needs of their rapidly shifting demographics. It also means that unlike • Increased longevity. Globally, life These activities build on the framework for developed countries, they will need to cope expectancy increased by two decades Active Ageing established by WHO in 2002 in with getting old before they get rich. since 1950 (from 48 years in 1950 to 1955 its report, Active Ageing: A Policy Framework. to 68 years in 2005 to 2010), and is “Active ageing is the process of optimizing The list of countries that have the highest expected to rise to 75 years by 2050. There opportunities for health, participation and shares of 60-plus populations will change are still considerable disparities between security in order to enhance quality of life as considerably over the next four decades. the wealthy industrial countries, at 82 years, people age.” This framework embraces and Although ageing is occurring in every country, and the less developed countries, at 74 emphasizes the value of a “life course the 10 that currently have the highest shares of years. However, this gap has narrowed perspective that recognizes the important the 60-plus group are all developed countries, greatly in the last few decades. The life influence of earlier life experiences on the way or countries in transition, such as Bulgaria and expectancy of older people has increased individuals age.” Croatia (Table 1). The picture will change by particularly rapidly; a person who reaches 2050 when Cuba makes the list, while some age 60 has more years of life left than in the The WHO framework also defines the multiple richer countries (Finland and Sweden), leave it. past. determinants of active ageing – from access to Remarkably, the UN projects that in 2050 there • Falls in mortality came before falls in fertility. health and social services to behavioural, will be 42 countries with higher shares of the In the early phases of this transition, large personal, physical and social environments 60-plus group than Japan has now, with the cohorts were born, mainly because mortality, and economic determinants – all influenced by fastest ageing mainly in relatively newly especially among infants and children, gender and culture. This framework guides the industrialized or developing countries (Table 2). tended to decline before fertility fell. Those work of the World Economic Forum’s Global In fact, China and Brazil will begin to converge cohorts are now reaching working ages and Agenda Council on Ageing Society and informs with Japan, which by 2050 will have more than the older ages, and their ranks will swell. In this introduction and the essays in this book. 40% of its population 60 and older, outpacing developed countries in particular, large-sized the increase in the United States (Figure 2). post-World War II baby-boom cohorts are Why is population ageing attracting so much reaching the older ages. attention now? One reason is that the rapid ageing of humanity is perhaps the most salient Another reason for an emphasis on ageing and dynamic aspect of modern demography. today is that “doomsday scenarios” abound. As a result, its influence on public health and These alarmist views typically assume a world national economies will be dramatic. The world of static policy and institutions, continuing experienced only a modest increase in the trends involving low fertility, and constant share of people aged 60 and over during the age-specific behaviour and labour outcomes. past six decades, from 8% to 10%. But in the The resulting scenarios yield stark and next four decades, this group is expected to shocking images of workforce shortages, rise to 22% of the total population – a jump asset market meltdowns, economic growth from 800 million to 2 billion people (Box 1). slowdowns, the financial collapse of pension and healthcare systems, and mass loneliness and insecurity. Such tales are strongly reminiscent of the work by Paul Ehrlich and the Club of Rome in the late 1960s, which predicted mass starvation and human misery in the 1970s and 1980s as a result of rapid population growth, or what was termed “the population bomb”. But lessons can be learned from this experience. Although the world population did double from 1960 to 2000 (from 3 billion to 6 billion), at the same time per capita income increased by 115%, life expectancy rose by more than 15 years, and literacy shot up as primary school enrolments became nearly universal in many countries. 4 Global Population Ageing: Peril or Promise? Introduction Food production since the 1940s increased On the behaviour side, declining fertility and Box 1: Key facts on ageing twice as fast as population growth. The increased educational opportunity have been message we should draw from this experience and will continue to be associated with • At the global level, the share of those is that both change and adaptation are changing social roles and greater labour force 60-plus has risen from only 8% of world possible and within our control. Some portion participation by women; and fewer children population (200 million people) in 1950 to will be individual and natural, and some will be generally yield healthier, smarter and better- around 11% (760 million) in 2011, with the collective and political. That said, there will be a educated younger generations. Insofar as dramatic increase still ahead as those number of complicating factors: health and intellectual enhancement through 60-plus are expected to reach 22% education translate into higher adult (2 billion) by 2050. • The meaning of ageing is evolving, reflecting productivity – all well-established links – lower the new needs, aspirations and capacities fertility is tantamount to an increase in the • At the global level, the share of those of people now reaching their 60s and 70s. effective labour force, suggesting a further 80-plus has edged up from 0.6% of world • Ageing is occurring in a range of settings: boost to growth. Lower fertility also leads to a population in 1950 (15 million) to around wealthy industrial countries have more decline in youth dependency, which offsets the 1.6% of world population (110 million) in resources to draw upon in confronting the increase in old age dependency. 2011, and is expected to reach 4% challenge, though institutional rigidities and (400 million) by 2050. vested interests may limit the possibilities In fact, a recent econometric study (referenced for effective action. in Chapter 6) shows that increases in older-age • The global population is projected to • Resources are severely constrained in dependency do not significantly impede the increase 3.7 times from 1950 to 2050, but many countries, and all the more so in the growth of income per capita, unlike increases the number of 60-plus will increase by a wake of the global financial crisis. in youth dependency. These results support factor of nearly 10, and the 80-plus by a the view that the negative impulse that high factor of 26. • In the absence of resource transfer schemes fertility conveys to economic growth cannot be that provide support for older people, many offset by behavioural and institutional changes, • Between 2010 and 2050 the total developing countries rely on familial support. unlike the negative impulse of increased population will increase by 2 billion, while But that private safety net is fraying as longevity, which can be offset by changes in the older population will increase by numbers of older people rise, fertility levels behaviour and policy. 1.3 billion. fall, perceptions of family ties change, and children migrate from their less mobile Moreover, when people expect to live longer, • Women account for about 55% of the parents to cities or distant places for jobs. they have an incentive to save more for the 60-plus group, rising to 64% of the • Many in the media perpetuate negative years after they are no longer working. In 80-plus group, and 82% of the 100-plus stereotypes of ageing, such as the view economic terms, savings translates into group. On average, women outlive men that older people are characterized only by investment, which fuels the accumulation of by nearly 4.5 years. loss, decline, decay, pain, suffering and physical and human capital and technological Note: The UN Population Division uses the terms “more loneliness. These negative and profoundly progress, the classic drivers of economic developed regions” and “less developed regions”, which inaccurate stereotypes influence not only growth. correspond with “industrial countries” and “developing countries” used in this book. public policy, but also how society thinks about ageing and how older people think about themselves. Moreover, with people living longer than ever before, and in many cases remaining healthy until later years than in the past, society has an opportunity to reap a “longevity dividend”, in which older people continue to make substantial contributions for unprecedentedly long periods. In an historical context, population ageing is one of the most remarkable human success stories of any era, reflecting contributions of public health, medicine, education and economic development. But capturing and unlocking the full benefits of that success require that we adapt our perspectives and reform our institutions. The good news is that there is a wide range of behavioural changes and public policy responses to population ageing that would simultaneously avoid a significant dampening of economic growth and enhance the quality of life for people reaching older ages today and for generations to come. Global Population Ageing: Peril or Promise? 5 Introduction Figure 1: Ageing is accelerating worldwide Table 1: The top 10 for ageing Countries with the highest shares of 60+ populations in 2011 and 2050 (percentage), 35 (among countries with 2011 population of 1 million or more) 2011 2050 30 Japan 31 Japan 42 Italy 27 Portugal 40 cent 25 Germany 26 Bosnia and Herzegovina 40 er Finland 25 Cuba 39 p er, Sweden 25 Republic of Korea 39 ov 20 Bulgaria 25 Italy 38 nd Greece 25 Spain 38 a 0 Portugal 24 Singapore 38 on 6 15 Belgium 24 Germany 38 ati Croatia 24 Switzerland 37 ul p o 10 P Source: UN, World Population Prospects: The 2010 Revision 5 Table 2: Developing countries ageing fastest 0 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 Countries with largest percentage increase in 60+ share, (among countries with 2011 population of 1 million or more) Industrial countries Developing countries 2011 Increase, 60+ share, 2011-2050 2050 Source: UN, World Population Prospects: The 2010 Revision United Arab Emirates 35 36 Bahrain 29 32 Figure 2: Major developing countries will start converging with Iran 26 33 developed ones Oman 25 29 Singapore 23 38 45 Republic of Korea 23 39 Viet Nam 22 31 40 Cuba 22 39 China 21 34 nt35 Trinidad and Tobago 21 32 e c er 30 Source: UN, World Population Prospects: The 2010 Revision p er, ov25 d n a 0 20 6 n o ati15 ul p o P 10 5 0 1950 1960 1970 1980 1990 2000 2010 2020 2030 2040 2050 Japan China USA Spain Brazil India Source: UN, World Population Prospects: The 2010 Revision 6 Global Population Ageing: Peril or Promise? Introduction A Menu of Policy Responses A third option is reforming health systems. An Box 2: The rationale for increased emphasis on disease prevention, It is natural for people to respond to longer investing public resources in health promotion and early screening has lifespans, particularly longer healthy lifespans, considerable potential to contain the direct older people by planning on longer working lives and other treatment cost and the lost income occasioned forms of social contribution. However, public by chronic diseases such as cancer, diabetes There is a range of powerful social justifications policy has been extremely sluggish in adapting and cardiovascular disease. New models of for devoting public resources to the challenges to new demographic realities as most of the long-term care need to be designed and ageing brings: world’s social security systems create strong tested. In addition, there is a need to train more incentives for retirement between the ages of healthcare providers, especially in low- and • Older people are a valuable and 60 and 65. A recent study (referenced in middle-income countries. productive economic resource that Chapter 6) of 43 countries (about two-thirds of should not be stifled by outmoded public which are industrial) shows that during the The nature of medical training also needs to policies such as mandatory retirement or 1965 to 2005 period, male life expectancy rose change. Health providers should be better able other disincentives to work beyond an average of nearly nine years, but the mean to address the multiple and interrelated health certain ages. legal retirement age rose by less than half a conditions specific to the older people who year. form the bulk of their clientele. Most broadly, • Inherent in the challenge of population health systems need to adopt a life course ageing are huge opportunities, because One option currently gaining traction in many approach to population health because older people who live healthy lives can countries, such as France, Greece, Ireland and prevention efforts at all ages promote health in continue to be productive for longer than the United Kingdom, is raising the normal legal old age. in the past. age of retirement. However, even an increase of a couple years has created some social and A fourth option is rethinking business practices. • On ethical and humanitarian grounds, political tension, especially given the high rates Public policy should encourage, rather than devoting resources to older people is of unemployment in the wake of the 2008 discourage, businesses in the public and arguably the right thing to do, the fair thing economic slowdown. private sectors to employ older workers, even to do and a just thing to do. part-time. This would involve: (i) catering to A second option is using international migration older employees’ desire for flexible roles and • Older people have a fundamental human to ameliorate the economic effects of schedules; (ii) investing in worker wellness right to make claims on social resources, population ageing, with youthful poor country programmes to enhance attendance and such as healthcare. These claims are populations filling job vacancies in ageing productivity and avoid unnecessary healthcare grounded in and justified by international countries. But counterbalancing population and turnover costs as the workforce ages; and law, for example, in the 1948 Universal ageing in this way requires very large migrant (iii) taking advantage of the new core business Declaration of Human Rights. flows that have significant implications for the opportunities that will accompany population broader functioning of society. It is not at all • The formation of social capital and ageing, such as designing and marketing clear that the world will capture the large societies that are cohesive, peaceful, consumer products and services that are potential benefits of international migration, as equitable, and secure requires that we customized to the physical needs, the financial most countries have gone in the opposite attend to the needs of all groups, capacities, the interests and the channels of direction. They have done this by instituting especially the most vulnerable, such as influence that characterize the “silver immigration barriers in an effort to protect their older people. Doing so will strengthen generation”. economies from low-wage workers, preserve societal and cross-generational cohesion. traditions, maintain cultural and ethnic uniformity or respond to anti-immigrant • Governments have a natural and sentiments. fundamental role to play in the health sector, for everyone, including older The fact that social protections are not portable people, because unregulated markets do across countries creates impediments for a poor job of achieving socially desirable increased migration and increases the and economically efficient levels of health vulnerability of migrants who, themselves, provision. Infectious disease puts ultimately become part of the older population. communities at risk, health providers can Increased immigration could therefore offset use their informational advantages to some of the workforce issues posed by exploit health consumers, and problems population ageing, though not likely a of moral hazard and adverse selection significant portion. exist. Global Population Ageing: Peril or Promise? 7 Introduction Essay Highlights Section I: The Backdrop - What We Must Wasted social capital and financial insecurity Contend with and Why We Must Act Now feature especially strongly among older Against this backdrop, the World Economic women, who tend to have a lower standard of Forum’s Global Agenda Council on Ageing The first group of essays paints a picture of the living than older men, we learn in “Women and Society assembled this collection of essays to social economic, and political environment that Ageing” by Saadia Zahidi. Why is this so? The help inform and stimulate discourse, defuse the will set the stage for policy decisions on ageing. author suggests that in developed and perceived threat, and promote a proactive We see anxious, unprepared societies that are developing countries “current societal vision for adaptation to support positive being bombarded by the media with stories arrangements cumulatively result in a lifetime of population ageing – one that will require about the “burdens” of growing older. unequal and inadequate access to education forward-thinking frameworks and innovations In “The Meaning of Old Age”, Laura L. and economic participation and opportunity for in technology, education and policy. It is Carstensen and Linda P. Fried note the irony women”. To remedy this situation, she intended for a broad audience: the media, the that older people, who throughout history have recommends policies and practices that public, political leaders, public policy-makers, been portrayed as prophets, saints, tribal protect and empower these women, such as the private sector and specialists seeking to leaders and healers, are now often the source access to quality education and removing round out their knowledge. of fear and anxiety in discussions on ageing. barriers to women’s access to economic We examine from myriad perspectives how The problem, they say, is that societies today activity. Also needed are (i) policies and individuals perceive ageing; how society are “enormously ill-prepared” for populations practices that catch women “upstream”, before empowers people to live longer, healthier, and with more people over 60 than under 15. they get old; (ii) the application of a gender lens more productive and fulfilling lives; and how Cultures are youth-oriented, as are physical to existing and new measures affecting older these realities are affected by the individual and and social environments and institutions. The people to ensure women are not overlooked; societal construction of the notion of the authors contend that if societies are to reap the and (iii) policies and products focused on older chronological advancement of age. social capital that older people offer, they need women’s needs and interests. to (i) “modify the life course” (that is, invest Complicating matters, the media (news, The essays also examine the interplay between throughout life in health, education, and social television and film) and advertising often ageing and many facets of the modern world. integration); (ii) improve the care and autonomy convey images of older people through a “lens Some of these are natural concomitants of the of disabled older adults; and (iii) build treatment of ageing, such as social protection infrastructure that supports long life and taps of decline and diminished value”, according to and human rights. Others, such as the talents and potential contributions of older Colin Milner, Kay Van Norman, and Jenifer urbanization, intergenerational equity, people who are healthy, such as wisdom and Milner in “The Media’s Portrayal of Ageing”. leadership, and the media portrayal of ageing, experience. This tactic, they say, confirms beliefs and entrenches negative stereotypes, in turn explore paths that have been less well travelled.In doing so, these essays reflect the On the financial front, Jack Ehnes, in “Ageing affecting how older people see themselves and key features of country contexts – paying social and Financial (In)security”, points out that as how society views and treats them. What is attention to stage of development and cultural people live longer, it is natural for many of them needed now are realistic portrayals “so setting, along with the nature and operation of to develop financial security concerns. But depictions encompass the many different key public and private institutions (such as the these concerns have been ratcheted up experiences of ageing without attaching a health system, extended family, and sharply in the wake of the global financial crisis, value judgement”. How can the media and mechanisms for promoting economic security which resulted in trillions of dollars of retirement advertising reshape perceptions of ageing? among older people). savings depleted. As a result, he says, there is The authors suggest that one way would be to a “significant questioning of our underlying show the financial benefit, that is, the value of Many of the authors identify options and make retirement and savings models, which creating marketing messages that resonate recommendations for societal transformations ultimately bear heavily on the quality of life for with older customers. that are necessary or desirable to address the seniors, labour market stability, and challenges – and capture the potential benefits intergenerational relationships”. He calls for an How should we think about equity across – of population ageing. urgent rethinking of official retirement ages and adjacent (as opposed to distant) generations? company policies on work after retirement in In “Ageing and Intergenerational Equity”, This book consists of 22 essays, divided into developed countries. And he cautions that Norman Daniels explains that with global four themes: setting the scene, investing in Asian countries “lack the institutionalized ageing comes a sharpening of the problem of ourselves, pursuing healthy ageing and pension schemes to fill in the gaps from the intergenerational equity. Developed countries redesigning our environment. The central weakened informal family–based support worry that they can no longer afford transfers theme that emerges is the increasingly urgent mechanisms”. to the elderly that were part of a social contract need to adapt to population ageing, identify over many decades. However, developing and take advantage of the opportunities it countries – with even fewer resources – do not offers, and find ways to unlock the human even have such resource transfer schemes in capital resources that population ageing and place. Daniels discusses the Prudential our longer lives make available. Lifespan Account as a framework for thinking about resource allocation over the lifespan that aims to be fair to all age groups, even if they are treated differently at different stages of life. 8 Global Population Ageing: Peril or Promise?