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Focus on Asia’s Ageing Population
Asia’s ageing population would increasingly place demands on the regional economy, but the problem also creates opportunities for the private sector, Lynn Jeffery, Director of the Institute for the Future, said today.
Speaking at a Diversity and Inclusion cocktail reception on the sidelines of the Asian Investment Conference, Dr. Jeffery said Asia is ageing at a faster pace than the industrialized nations have historically.
“Humans are really bad at long term thinking,” she said. “But we as a species are growing older collectively and this has never happened before. Right now is a window of opportunity to prepare for what’s going to happen and to make smarter long term investments.”
An ageing population is described as one where the number of people aged over 60 years old is higher than the number of people aged under 15. At the same time, there is a decline in the number of people between 15 and 59.
“This is actually happening,” Dr. Jeffery said. “Imagine a world where demand for aged care services outweighs demand for new schools.”
Dr. Jeffery said that globally, China and India are expected to show the biggest gains in aged population by 2030, and that by 2035 one-fifth of China’s population would be aged 60 or above. She noted that in less-developed countries, only 20% of the population had formal social security coverage and in China alone only 20% of the labour force was covered by mandatory pensions. This number was only 9% in India.
The impacts of the ageing population include a strain on taxes and benefits, rising family expenses to pay for care, a reduction in the workforce as people opt out to care for their parents and declining standards of living. Pensions would also come under strain.
However, Dr. Jeffery said the issue also created opportunities. “It’s really important to think about the role of the private sector,” she said, noting that the private sector could assist with financial planning for the elderly and healthcare solutions.
“Let’s invest in making the ageing of the human species a positive experience,” she told the crowd.
Shifting to the issue of diversity in the workplace, Pamela Thomas-Graham, Chief Talent, Branding and Communications Officer at Credit Suisse, told the crowd that, for people of diverse backgrounds, it was important to focus on taking the right job with an inclusive firm, to have strong positive mentors and supportive life partners, and to ensure you maintain a healthy work-life balance.
Credit Suisse CEO Brady Dougan also spoke, telling the crowd that the principles of diversity and inclusion are vital to Credit Suisse.
“I think that the business case for diversity is extremely strong,” he said. “I am a very firm believer that having diverse opinions, diverse backgrounds and diverse approaches creates better decision making – there’s no question about that.”
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Day 3: Photo Album
