Reframing the role of older adults in the community

Since 1960, global society has, on average, added 20 years of life expectancy – which is to be celebrated. But the cost of increased life expectancy has been high. For every extra year of life we have added to our life span, half of that may be in moderate or poor health . At the McKinsey Health Institute (MHI), we’ve been studying this closely, and exploring what contributes to healthy longevity. How can we help people across the globe lead healthier, happier lives through older adulthood???

?As part of our Conversations on Health series, this International Women’s Day we asked Ellen Feehan , Coleader for Healthy Longevity at MHI, to share some of her insights and most interesting findings on the role of older adults – and specifically, women – in the community. Here are her takeaways.?

Many older adults want to participate and work in society – but encounter barriers in doing so.?

MHI’s recent study of adults aged 55+ across 21 countries found that people who participated in society (in employment, education, volunteering, or community programs beyond home) had higher levels of self-reported health. Seventy-four percent of men reported higher participation in at least one of these four areas , as compared to 68 percent of women. While this difference is driven by the difference in employment levels, the motivations for wanting to work don’t differ greatly between genders: both women and men are interested in employment primarily for personal and financial fulfilment.??

Interestingly, women were slightly more likely than men to cite financial motivations for wanting to work. This could be linked to women’s longer life expectancies and gender pay gaps. Like men, older women also encounter barriers when it comes to societal participation. Both men and women who want to work cite difficulty landing a job as a major barrier. Women were slightly less likely to say their skills are not in demand, but slightly more likely to say there is a lack of attractive opportunities, and cite other commitments as a barrier to working. ?

?When women benefit, so does everyone else.??

Countries vary in degree of community participation globally, but many have for decades respected elders and older women, recognizing their role in culture and the vibrancy they bring to their communities. On average, women in midlife and later life have a lot they want to achieve, but this often comes at a time when they also encounter a heightened burden of caregiving, and the continued responsibility of looking after the healthcare of their families. By crafting thoughtful initiatives to support older adults such as flexible or reverse career pathways which offer reduced hours or more time off, society can support older women and adults in continuing to play an active role.??

For organizations, there is a clear business case for reframing how? older adults are viewed , celebrating them as vibrant consumers who are often still interested working and pursuing education and leisure activities, rather than the alternative.

The number of adults aged 65+ is set to double to 1.6 billion by 2050. By 2030, 66% of global consumption will come from this demographic, and they will contribute $96 trillion to the economy by 2050 . We know that many women are responsible for the “mental load” of procuring services for their households – and continue to be so into their older years – making them a valuable consumer base. Recognizing the purchasing power of older adults, and older women in particular, can ensure better products and services, happier customers, and thriving economies.??

Supporting older adults who want to work but aren’t could lead to GDP growth of up to 8.2% globally.

Aging is an opportunity for vibrancy and connection.?

The first step to embracing the opportunity in aging is to change our perception of it. What if we aspired not for an avoidance of loneliness, but a sense of heightened connectedness???

To do so, it is imperative that all stakeholders – whether public sector or private – prioritize supporting people across all age groups to actively participate in their communities. This includes adopting intergenerational contact strategies to combat ageism, developing programs to support older populations with their needs (healthcare, financing and housing), exploring age-friendly workplace practices, and investing in measuring progress – and building evidence for – enhanced societal participation. According to our research, supporting older adults who want to work but aren’t could lead to GDP growth of up to 8.2% globally. In Singapore, for example, the government has been investing in its older workforce across all steps of the employment journey. This includes subsidies for upskilling courses, support for employers as they redesign jobs and create age-friendly workspaces, and new policies to protect workers who wish to continue working as they age.??

In conclusion, greater societal participation of older adults will benefit everyone: it can improve the social and mental health of older adults,?boost GDP, and offer intergenerational connections for younger members of society. Together, we can move towards a vibrant, more inclusive and engaged future, regardless of age.?

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