The global population is aging. Decreasing fertility rates and increased life expectancy will lead to one in six people in the world being at least 65 years of age, with the majority of these residing in what are currently low- and middle-income countries.
This shift challenges established financing models for the global economy, with fewer workers and more dependants. It promises to increase strain on social contracts, and the expectations of healthcare, pensions and economic models. Already, growing pensions gaps have seen a rise in retirement age, both official and effective. System failures, such as the gender pay gap, further exacerbate these challenges[1].
This roundtable considers the implications of a pensions gap in an aging economy, and the policy and practitioner changes that need to occur to support the needs of an aged population. How might residents find purpose and productivity in their silver years? What are the infrastructure and skills that need to be developed to support productive longevity[2]?
Recontracting – the Social Contract in an Aging Population
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