The growth in life expectancy worldwide and the new 'active ways' of going through the third and fourth ages are generating a new phenomenon: the Silver Economy. What impact will it have by sector and the demographic projections for the end of the century in the region.

Being immortal is an idea that has been present in science fiction literature for years. Although it is not realized in practice, the increase in lifespans around the world is generating an ecosystem around the phenomenon: the silver economy. And it is not just about living longer, but about lifestyles during middle adulthood, and the third and fourth ages. Advances in science, technology and medicine They are only part of the phenomenon, which is not without certain risks.

According to ECLAC, Latin America and the Caribbean are projected to experience the most significant aging process in their history, with the number of people over 70 years of age increasing from 119 to 60 million between 2015 and 2030. The aging process, however, begins even earlier than that. It is around age 40 where the elderly, with the experience and autonomy of what has been lived, plans how to live your next few years. 

A group of expert observers from Seguros SURA identified the main characteristics of this population group. While aspects such as physical, mental, social, economic condition, their support network, socioeconomic level and the conditions of their environment and purposes, A person's attitude, regardless of age, is what will determine their life.

6 keys to understanding the trend

• Intergenerational collaboration

No one escapes the fact of aging. The fact of assuming the Aging as a natural process removes the barrier of age prejudices and improves the coexistence as a society. It is increasingly common to see in organizations and companies a 'multigenerational', where experience and vitality merge. This teamwork, in addition to the achievements that can be obtained, restores the integrity of older adults as members who contribute value to the work group. 

• Planned dependency

The adult, aware of the actions and decisions, with the idea that the control of your life, addresses issues that perhaps were not raised at another time, such as death, old age or dependency. Arrangements are made regarding funeral packages, wills or other matters that may not be possible at an older age due to terminal illness or Alzheimer's. During this period,  health care, nutrition and sport They make the person prepare to live and reach old age in an active way.

Psychologist Pilar Sordo believes that it is essential to ask yourself what you want to be when you go through this stage of life. “There are people who have changed from living in an apartment with stairs to one with an elevator, and they changed it when they could make the decision and say 'in the next few years I'm not going to be able to climb five stairs'.” Some people also prefer replace the bathtubs in their homes with showers because they are considered more practical for bathing. 

• Time for rebirth and participatory active aging 

The cycles of life have changed and have extended life spans. The stage of “old age” becomes a new time of opportunities for love, study, doing what has been postponed. This attitude, together with demographic aging, has led to a redefinition of current life models and pension and retirement systems. At this point, work is required on an extension of people's productive lives, establishing active-participatory aging.

Nowadays, it is valued mental capacity of the adult, independent of the physical, and technology increases their work capacity. One case is Sercotec, a public services corporation in Chile that is dedicated to supporting micro and small businesses and since May 2019 has implemented a program to promote entrepreneurship among people over 60 years of age.

Consuelo Pérez, in charge of digital channels, explains that “Capital Abeja or Adulto Mejor supports all those women who are looking to start their own business for the first time, whether with a business idea or a change of sector. However, age is not a limitation. Therefore, apart from providing a subsidy, our objective is to achieve the autonomy and empowerment of women in the process of entrepreneurship.”

These new paths are decided without neglecting their tranquility. The adult privileges his peace of mind, contact with nature and a more austere life. Pilar Sordo believes that small cities are better for growing old. There, one wakes up with abundance and not lack. “First, because in big cities you need a lot of money and, second, because it makes you wake up feeling that you are missing something, since marketing will show you what you cannot buy.”

At this age, between 50 and 60 years old, is when a person values ​​what he or she has. Clinical physician Daniel López Rosetti explains that "there is something that is the U of happiness. Generally speaking, people are happiest at 20 because they have dreams. Reality comes between 40 and 50. Then, between 60 and 70, you live in the present. Life expectancy is different.”

• Smart assistance

Technology takes on a leading role and stops being a form of communication to acquire human characteristics (Humanized Technologies). It facilitates live safe, connected and healthy, as well as allowing for the care of the elderly. The app encourages healthy consumption and allows each person, in their own time, to achieve their own goals, such as knowing their calorie consumption, the steps taken on a walk and stimulating motor skills through play.

Also Technology bridges distances between families and becomes a great companion in the face of sadness that adults may manifest. It is expected that loneliness in old age will be a more recurrent problem than it is today, and Tinder already exists for older adults. One of them is Stitch App. With this application, in addition to finding love, you can access specialized forums where you can look for companions for trips and outings. 

• Care networks

Mental health has a high prevalence of depressed older adults, which is why they are implemented care networks. This form of relationship is a collective initiative that seeks to protect those people who are in a permanent or temporary condition of vulnerability and dependence. These care networks are created both with the nearby community and with people with whom there is no direct link. It is also important to highlight the Increased demand, specialization and support for caregivers better trained. The nursing profession It is a rare and increasingly valued activity. 

• Symbolic immortality

The man in search of immortality has turned his hopes in science. If before he did it after death, now he looks for solutions that allow him live longer through science and technology. There is the idea that old age is a disease that can be cured. genetically reprogram, there is even talk of biological immortality as a possibility.

The economy of aging

This advance of active aging worldwide has made the Silver Economy (Silver Economy) is not indifferent to the actors of public policies, institutions and businesses. This global economy is centered on the needs and demands of older adults. Economist Pablo Broder, honorary president of the Grameen Foundation, the microfinance institution founded by Nobel Prize winner Muhammad Yunus, explains that “this is a population group whose purchasing power is not insignificant: 52% of adults over 50 years of age in Latin America and the Caribbean today belong to the middle or upper class, compared to 32% of those under that age.”

Although Latin America and the Caribbean (LAC) is a young region, it is estimated that by 2090, LAC will be the region with the highest percentage of adults over 60 years of age in the world, at more than 36%. This rapid aging determines the urgency for countries to prepare to respond to this group. Broder points out that it is a process that “influences the supply of almost all sectors, including health, nutrition, leisure and well-being, finance and transportation, housing, education and employment.”

The expected changes are based on a better quality of life, adapted to the needs of the elderly. For example, housing and public transportation where the person can live independently and move around the city, despite any existing limitations. And in the health sector, there is a greater demand for services for the prevention and care of chronic diseases. 

Among those who benefit from the various actors paying attention to the elderly and providing them with greater care are women. They live, on average, five years longer than men and, currently, in Latin America and the Caribbean there are no less than 8 million more women than men over 60 years of age.