We are experiencing a huge demographic shift, living ten years longer than our parents’ generation on average and nearly two decades longer than our grandparents’ generation. This is quite an incredible feat.
However, the doom and gloom narrative of the ‘burden’ of an ageing population is all too familiar still. No doubt many of you have seen this demographic shift described as ‘ticking time bomb’ with disastrous impacts for our economy and health system. Recent media coverage around covid-19 has only served to entrench these negative attitudes towards ageing further.
This narrative is not only incorrect, its damaging. At the Centre for Ageing Better we recognise that our longer lives are a huge opportunity, for us as individuals and for society and the economy at large. Indeed, Anna Dixon our CEO has just written a book about exactly that!
However, significant inequalities exist in our later years. As we get older, the accumulation of a lifetime of advantages or disadvantages, together with differences in our ethnicity, in where we live and in our income, results in vastly unequal levels of health, wealth, happiness and security in later life.
At the Centre for Ageing Better, our vision is a society where everyone can enjoy later life. We believe we can have greatest impact by focusing on supporting those who are approaching later life.
By 2040, we want more people in later life to be in good health, financially secure, to have social connections and feel their lives are meaningful and purposeful. To achieve our long-term vision we believe change is needed to enable more people approaching later life to:
Covid-19 has highlighted the terrible impact of failing to tackle inequalities and supporting people to age in better health. Recent research we’ve conducted shows that people in their 50s and 60s think their mental and physical health has declined during lockdown. People’s financial stability has also been hit hard, with almost half expect their finances to worsen, and of those who are furloughed less than 40 percent expect to be employed in the future. We’ve also seen a dramatic shift in how we connect, and the importance of having access to digital technology to enable us to remain connected.
There’s a real need, and huge opportunity, for new products and services that can help us to all age well. We’ve outlined seven of the key areas for innovation to support healthy ageing that we think more people should be focusing on.
As entrepreneurs who may be thinking about, perhaps for the first time, how you can support more people to enjoy later life, you must be aware of some common traps that many innovators fall into. Our recent review of the healthy ageing innovation and investment landscape identified some key issues including:
We all have a role to play. After all, this isn’t about innovating for ‘others’. This is about innovating today, for all of our tomorrows.
Jemma leads on the Centre for Ageing Better’s innovation work, fostering the development of new ideas across their priority areas. She works on their agenda to bring about change by working closely with partners and people with lived experience to develop forward-thinking ideas which provide practical, scalable solutions.