Throughout the world and throughout history, the young have always outnumbered the elderly. Over the next 40 years, this will change, the population over 60 will grow by 1 billion to a total of 2 billion. For the first time, in human history, there will be more people over 60 than under 15. 1 in every 5 people will be elderly. In 1950, there were 12 working people for every elderly person. Today, there are 9 and in 2050 there are 4. More money out and less money in.
It will have a big impact on economic growth, savings, debt, investment, consumption, labor market, pensions, taxation. Social implications such as family compositions, living arrangements, housing demand, migration trends and health care are also affected. This includes political impact such as voting patterns and political representation.
However, the elderly bring – inspiration, work ethic, leadership, wisdom, values, culture, tradition, legacy, But with age, comes health concerns, vulnerability, and uncertainty. But with less money, how can countries afford to look after the elderly? And how we will afford to look after our own health, our education, afford to spend on technology, arts, and science? Afford to spend on our children and their futures?
We could consider these steps:
- Integrating aging into all aspects of development
- Involving the elderly more in major policy decisions
- Policy reforms in existing pension systems
- Making healthcare affordable to all.
And we can do this, not just because we care for them because we also care for those to come.
Check out upcoming articles how IoT can play a part in making healthcare affordable to all. But it’s also good to hear your thoughts regarding this.
About the Author
Dr. Mazlan Abbas is an IOT Evangelist, Thought Leader and CEO of REDtone IOT. He is ranked No. 20th Thought Leader in IOT by 2014 Onalytics Report – “The Internet of Things – Top 100 Thought Leaders”, ranked Top 10 in IoT Top 100 Influencers by Postscapes 2016/2017, ranked Top 100 in Smart Cities Top Experts by Agilience Authority Index May 2016. You can reach him on LinkedIn or Twitter. Check all his presentation slides HERE.