Antonio Huertas-Chairman and CEO of MAPFRE
Iñaki Ortega- Director of Deusto Business School
How the positive effects of increased longevity can drive economic growth
More diapers for adults are sold worldwide than for babies. By 2050, there will be 420 million octogenarians living on planet Earth. Americans over 55 contributed 3.3 billion volunteer hours in 2016 – the equivalent of 78 billion dollars.
So what’s going on?
In 1890, life expectancy in the United States was just 40 years of age.
Today, there is no country in the world, no matter how poor, where it isn’t longer. Global life expectancy is now above 72 years, and in 30 countries in America, Oceania, Asia and Europe, the average is higher than 80.
Medical advances and improved diets have given us an extra 15 years of life, and the silver generation is making the most of this time. They are working longer, creating new businesses to supplement their income and spending more on health and leisure pursuits. They are giving more too, volunteering with organizations and causes they identify with.
They are redrawing the boundaries between working age and retirement, making the most of opportunities nobody thought existed.