The term silver dividend refers to the potential economic opportunities arising from an increasing ageing population, much like the demographic dividend that benefits from a large working-age population. The concept highlights how countries can leverage the growing elderly population for economic gain, similar to how countries(example: China) capitalised on its youthful workforce(demographic dividend) to boost economic growth.
The ageing population is a global trend, but the impact is more pronounced in countries like India and China due to their large populations. As these nations experience a demographic shift, where a significant portion of the population is ageing, they face both challenges and opportunities.
Also Read: International Day Of Older Persons 2024
Challenges of Elderly Population
- Elderly Care:
- As the population ages, the demand for healthcare services and long-term care increases. The elderly often require more medical attention, specialised care, and assistance with daily activities, placing a strain on healthcare systems and caregiving resources.
- Mental Health Issues:
- Around one-third of the elderly population suffers from depression and low life satisfaction, often feeling unmotivated and disconnected from work or society.
- These mental health challenges further complicate caregiving and healthcare needs.
Enroll now for UPSC Online Course
Emerging Opportunities
- New Business Opportunities:
- The rising demand for elder care has created new markets for healthcare services, retirement communities, mobility aids, and other elder-focused products.
- This is beneficial for the economy, creating jobs in healthcare, home care, assistive technology, and senior living industries.
- Economic Growth:
- The increased healthcare consumption among the elderly, presently estimated at $7 billion, represents a growing market that could stimulate economic growth, especially in health services and related industries.
Current State of the Aging Population
The healthcare consumption of the elderly population in India is currently estimated at $7 billion, and this number is steadily rising. This is a significant figure, driven by the growing healthcare needs of this demographic.
- Chronic Illnesses: Three-quarters of the elderly in India suffer from at least one chronic ailment, including cardiovascular diseases, diabetes, and respiratory conditions.
- Limitations in Daily Living: Approximately 25% of elderly individuals experience difficulties with daily activities due to decreased mobility and age-related issues.
- Mental Health Concerns: A third of the elderly population displays symptoms of depression and low life satisfaction, often feeling unmotivated and disconnected from productive activities.
- Economic Insecurities: Many elderly individuals in India face economic insecurities as they rely on their children for financial support, leading to feelings of dependency and burden within families. The lack of financial independence exacerbates their mental and emotional challenges.
A chronic disease refers to a long-lasting condition that typically persists for three months or longer and generally cannot be cured completely. These diseases often require ongoing medical attention and management to control symptoms and improve quality of life. Chronic diseases can affect various systems in the body and may include:
- Cardiovascular diseases (e.g., heart disease, hypertension)
- Diabetes
- Chronic respiratory diseases (e.g., asthma, chronic obstructive pulmonary disease – COPD)
|
Addressing the concerns to improve well being of Elderly
To improve the well-being of the elderly population, there is an urgent need for senior care reform. This requires a multi-sectoral approach, involving healthcare, social welfare, financial planning, and mental health services.
Check Out UPSC CSE Books From PW Store
Health Empowerment and Inclusion
- Health Literacy: Improving health awareness among the elderly and their caregivers is vital. Enhancing health literacy helps the elderly understand preventive care and manage chronic conditions better.
- Ayushman Arogya Mandir (AAM): The Ayushman Arogya Mandir initiative is a key step toward improving healthcare access for the elderly, delivering comprehensive primary healthcare at 1,50,000 centres across India. These centres aim to provide universal and free healthcare services to all.
- Expanded Healthcare Services: Under this initiative, primary healthcare centres, which previously focused on basic medical services and maternity care, now aim to cover broader health services, benefiting the elderly in particular.This involves a preventive, promotive, curative and rehabilitative component under the multiple systems of ayurveda, yoga, naturopathy, unani, siddha and homoeopathy (AYUSH).
Key Terms:
- Preventive Care: Regular screenings and early detection of diseases.
- Promotive Care: Encouraging healthy lifestyles to prevent illness.
- Curative Care: Providing treatment for illnesses and health conditions.
- Rehabilitative Care: Assisting recovery and improving the quality of life after illness or injury.
|
This comprehensive model will ensure easier access to screenings for common non-communicable diseases, which will be highly beneficial for the elderly.
Additional Measures Needed
- More Hospitals, Doctors, and Clinics: Increase the number of healthcare facilities and professionals to meet rising demands.
- Teleconsultation Services: Make telemedicine accessible to the elderly, allowing for remote healthcare consultations.
- Training and Sensitization: Ensure healthcare workers are trained to handle the specific needs of the elderly and provide compassionate care.
- Focus on Mental Health: Address mental health issues, including depression and social isolation, which are common among the elderly.
- Nutrition: Monitor and ensure the elderly are consuming proper nutrition, as malnutrition can worsen health outcomes in old age.
Check Out UPSC NCERT Textbooks From PW Store
Social Dimension
- Social Inclusion: People around the elderly, including family members and caregivers, need to be sensitised to the emotional and psychological needs of seniors. This includes understanding what makes them happy, what upsets them, and how to engage with them in a respectful and empathetic manner.
- Support Groups: Accessible support groups should be established where the elderly can openly discuss common concerns, share experiences, and find emotional support. While a few such groups exist, they need to be expanded and made more available to ensure seniors have spaces for connection and expression.
- Legal Awareness:Elderly individuals must be informed of their legal rights, including inheritance and protection laws. Unfortunately, cases where children take control of property and then abandon their parents are not uncommon. Awareness of laws such as the Maintenance and Welfare of Parents and Senior Citizens Act, 2007, which can protect them in such situations, is crucial.
- Workshops for Legal Rights: Regular workshops should be conducted where lawyers can educate elderly individuals about their rights, including inheritance, property, and protection laws, empowering them to take appropriate legal steps if necessary.
Economic Dimension
- Innovative Financial Schemes: Economic and financial insecurities among the elderly need to be tackled by introducing targeted financial schemes and insurance products designed specifically for their needs. These could include higher interest rates on savings or investment plans that encourage long-term savings, which can help reduce the financial burden in their later years.
- Health Coverage Expansion:The recent expansion of PM Jan Arogya Yojana under Ayushman Bharat to provide ₹5 lakh health coverage for every individual above 70 years is a positive step in securing healthcare for seniors. More such initiatives that combine health and financial security are needed to reduce the economic stress on the elderly population.
- Reskilling for Economic Independence:Encouraging the reskilling of the ageing population (those around 55 years old) could help them remain economically independent. For example, if individuals like Priya aunty at 55 are trained in digital skills, they could engage in freelance work or other flexible opportunities even after formal retirement, extending their productive working life.
- Digital Literacy and Access:Organising digital literacy classes and creating user-friendly applications tailored to elderly users can ensure they are not left behind in the digital economy. Apps like a Senior Connect platform should be simple and easy for older individuals to navigate, helping them access financial services, healthcare, and even work opportunities.
Silver Economy
- The idea of transforming the ageing population challenge into an opportunity lies in embracing the silver economy—a market for goods and services catered to the elderly. This could include everything from healthcare products, assisted living services, and digital tools, to leisure and lifestyle activities, opening new business avenues and boosting economic growth.
- For example, this economy includes the development of easy-to-use smartphones, specialised furniture, and other products tailored to the needs of older adults
- As this demographic grows, it is becoming an increasingly significant market segment. In India, the current value of the silver economy is estimated at ₹73,082 crore and is projected to grow substantially in the coming years.
- With the 60-plus population projected to reach 13.2% by 2031 and 19% by mid-century, the elderly will represent a major consumer group. This age group, especially professionals aged 45-64, is often considered the wealthiest, leading to the saying: “They become rich before they grow old.”
- A significant portion of this demographic’s spending—about a third—is on healthcare. This presents a tremendous opportunity for businesses focused on health, wellness, and senior care. As the demand for elder-specific products and services rises, the silver economy is expected to grow rapidly in both India and globally.
Enroll now for UPSC Online Classes
Conclusion
The growing elderly population presents both challenges and opportunities, with the silver economy poised to play a vital role in shaping future economic growth. By addressing the unique needs of the elderly through targeted innovations in healthcare, products, and services, India can harness this demographic shift to fuel economic development and enhance the quality of life for its ageing citizens.
October 1, 2024
