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The Silver Economy

Page history last edited by Gareth 14 years ago

Size:

The over 60’s demographic will be the only demographic that expands in the next 40 years. At present 10.1 per cent of the worlds population is over 60 by 2050 there will be over 9bn people in the world, 1/5 or 20.9per cent will be over 60.

Source: UN World Population Prospects: The 2008 Revision

Value:

Wealth and revenues in Europe of persons over 65 is over €3tr (Stimulating ICT based R&D and Innovation on Ageing Well)
Wealth and revenues in US of the baby boomer population is over $2tr (Demographic Profile of American Baby Boomers)
People age 50 and older control more than 50 percent of the total U.S. discretionary income (Expanding your market: Accessibility Benefits Older Adult Customers)
80% of the UK’s wealth is held by the over 50s (Market Statistics)

The Informal Care Market

Ireland: €2.5bn per annum (Care Alliance Ireland)
UK: £57bn per annum (Kings College Longon: Support for informal carers and families)
US: $196bn per annum (The Economic Value Of Informal Caregiving)

A study in the UK projected that by 2017 demand for informal care will exceed supply. By 2041 the gap between the numbers of people projected to provide informal care and the numbers needed to provide care if projected demand is to be met amounts to nearly 250 thousand care-providers (Informal Care for Older People Provided by Their Adult Children: Projections of Supply and Demand to 2041 in

England)

The Technology Market

• Tele-health

- $591m 2005 to $5.96bn 2010 and $8bn by 2012 (CAPSIL)

• Tele-Care

- $220m 2005 to $337m 2010 (Frost & Sullivan, 2006)

• Home Automation

- $232m 2005 to $446m 2012 (Frost & Sullivan, 2007)

• The global remote healthcare market is worth about

£394M and is predicted to grow to £4bn by 2010 (GE Healthcare)

One of the prime targets for these technologies will be those over 65. In the Nordic countries 70per cent of all assistive technologies go to the over 65’s (Provision of Assistive Technology in the Nordic Countries)

The Financial Services Market

13% of UK adults aged over 50 currently save money to give to grandchildren (Saga)
A fifth of UK grandparents are saving £400 or more a year, which would provide their grandchildren with a nest egg of £10,000 ((Saga)
The over fifties have around 70% of all savings and represent the market for inheritance products and services (Why financial services should value older consumers)