THE CHALLENGE
Governments worldwide are scrambling to address the challenges posed by this demographic shift. This demographic shift has significant implications for all aspects of society, including labour and financial markets, the demand for goods and services, such as education, housing, health, long-term care, social protection, transport, information and communication, as well as family structures and intergenerational ties.
However, the current systems and social structures in place do not adequately support the evolving needs of the older population. Individuals often find themselves navigating these uncertain transitions on their own or with minimal support from their surroundings.
- As people age, their social circles tend to diminish, resulting in social isolation due to limited opportunities and avenues to form new social bonds.
- The services designed to provide support and care are often stigmatised and inaccessible due to various barriers, including financial, cultural, and logistical factors.
- On top of the physical, cognitive, and emotional changes that accompany ageing, individuals also have to contend with the negative stigma associated with growing older.
- Retirement is rapidly becoming an obscure concept with more individuals leaning towards (or compelled) continuing to live, work and do as they please, without opting for 'retirement' where one ceases to work beyond a certain chronological age.