The Silver Lining: Existing Measures and Opportunities to Address Gaps in Ageing Societies

The green transition is urgent, but so is the silver transition driven by demographic shifts toward ageing societies. The number of people aged 65 years or older worldwide is projected to more than double, rising from 761 million in 2021 to 1.6 billion in 2050. To help with visualisation, the global silver population (aged 65 years and above) then would have a higher count than the total population of the whole of China or India now. The ageing trend is projected to continue over the next three decades.

With a focus on Asia and Singapore, this discussion mainly covers the state of ageing societies, existing measures, and the silver lining (opportunities) for public and private sector investors.

I. STATE OF AGEING SOCIETIES

According to the United Nations (UN),

• Ageing society: 7-14% of population over age 65;
• Aged society: 15-20% of population over age 65;
• Super-aged society: Above 20% of population over age 65.

Globally, the population will transition into an aged and super-aged society in 2038 (14% of the population aged over 65) and 2070 (20% of the population aged over 65)?(see Fig. 1) respectively. East and Southeast Asia will rank top in terms of absolute numbers for the silver population, with Central and South Asia, and Europe and North America following behind (see Fig. 2).

In 2050, 10 Asia-Pacific countries will be qualified as “ageing society” (as compared to eight countries in 2020), five as “aged society” (six countries in 2020), and 11 as “super-aged society” (only one country in 2020, that is Japan). Japan, the Republic of Korea and Singapore rank top for the highest share of elderly people, with more than one-third of the population reaching age 65 and over in 2050. The speed of ageing is particularly fast in Brunei Darussalam and Vietnam, where the share of the population over 65 is expected to increase by almost four- and three-fold respectively between 2020 and 2050.

Zooming into Singapore, the percentage of the population above the age of 65 currently stands at 16.1% (2023), representative of an aged society. The nation-state is set to attain “super-aged” status in 2026 and is projected to hit 33.5% (more than a third of its population) by 2048. Singapore will also make it into Top 10 countries and areas with the largest shares of people aged 65 years or over by 2050 (see Fig. 4)

The key drivers of an ageing society are inevitable result of demographic transition:

1. Longer lives
2. Smaller families (Low fertility rate). While population ageing is an inevitable consequence of demographic transition, population decline is not (But this would be another set of issues, not to be discussed together).

The economic consequences of ageing societies are two-fold:

1. The slowing of global annual economic growth from an average of 3.6% this decade to about 2.4% from 2050 to 2060.
2. OECD countries in particular will be hit by a double demographic shock. With both rapidly ageing societies and diminishing income gaps between rich countries and emerging economies slowing immigration flows, OECD countries will experience a workforce shrinking by 20% in the eurozone and 15% in the United States.

Even with all the apprehension surrounding ageing societies, the world needs to come to terms with the natural phenomenon of ageing and suspend our judgement on the aged and the “catastrophic impacts” it will bring. As Kanwaljit Soin aptly reminds us in her book, 'Silver Shades of Grey,' we are often compelled to either lament or celebrate old age, rather than simply affirming it as a significant part of life. In a world where ageing populations are reshaping economies and societies, we must delve into the silver economy with fresh perspectives, recognizing the progress of existing measures by the various players and the potential to address any gaps.

II. EXISTING MEASURES TO SUPPORT THE SILVER GENERATION

Global best practices and what Singapore is doing

The UN scopes out four areas where we can reduce health inequities and improve the lives of older people:

a) Changing how we think, feel, and act towards age and ageism

b) Developing communities in ways that foster the abilities of older people

c) Delivering person-centred integrated care and primary health services responsive to older people

d) Providing older people who need it with access to quality long-term care

In this exploration of the silver economy, concerning the four areas UN scoped out, we identify best practices from around the world, where countries are reshaping the narrative of ageing through a range of initiatives.

a) Changing How We Think, Feel, and Act Towards Age and Ageism:

1. Media and Education Campaigns: Implement public awareness campaigns that challenge ageist stereotypes and promote positive perceptions of aging.Country Example: Australia's "EveryAGE Counts" campaign challenges ageism.Organizations: EveryAGE Counts, Council on the Ageing (COTA).
2. Age-Friendly Education: Incorporate age-appropriate education on aging and ageism in school curricula.Country Example: The United States integrates aging education into school curricula.Organizations: American Federation for Aging Research, National Council on Aging.
3. Diversity and Inclusion Training: Offer age sensitivity and anti-ageism training in workplaces and healthcare settings to raise awareness and reduce biases.Country Example: The United Kingdom offers anti-ageism training in workplaces.Organizations: Age UK, Centre for Ageing Better.
4. Data Collection on Ageism: Encourage research on ageism and its effects, which can guide evidence-based policies and interventions and cease prejudiced opinions and assumptions.Country Example: The United States conducts longitudinal studies through the National Institute on Aging (NIA). The NIA supports research on aging, age-related diseases, and attitudes toward aging.Organizations: National Institute on Aging (NIA).
5. Promote Age Research: Support research institutions to explore aging from a multidisciplinary perspective.Country Example: The United States hosts the Stanford Center on Longevity, which brings together experts from various fields to conduct interdisciplinary research on aging.Organizations: Stanford Center on Longevity.

On the front of changing perceptions and responses to ageing and ageism, the Ministry of Health (MOH) in Singapore co-created with over 5,000 Singaporeans an updated action plan for seniors in 2023. The action plan centers around three key themes - Care, Contribution, and Connectedness. This allows seniors to be empowered for their health, engage in society through meaningful work, and enjoy ageing in a connected community (See Fig.5).

The key initiatives and targets of the action plan include:

1. Active ageing and leading healthy, happy lives - 220 Active Ageing Centres (AACs) by 2025; 550,000 participants for active ageing programs in 5 years.
2. Family support - 2,500 seniors equipped with grandparenting skills via Positive Parenting Program (Triple P) by 2027.
3. Parks and gardens - 25 therapeutic gardens set up by 2027.
4. Dementia management - Scale up Healthy Ageing Promotion Program for You (HAPPY) to support seniors in maintaining physical and cognitive health.
5. Volunteering and learning - Promote senior volunteerism at 750 corporations in the next 5 years.
6. Senior-friendly transport - Implement 50 Silver Zones by 2025; Retrofit lifts at 100 pedestrian overhead bridges near senior-concentrated locations by 2025.
7. End-of-life and pre-planning care - Reduce hospital deaths from 61% to 51% in the next 5 years; Register Lasting Power of Attorney (LPA) for more than 240,000 Singaporeans aged 50 and above by end-2025.

b) Developing Communities That Foster the Abilities of Older People:

1. Age-Friendly Cities and Communities: Design urban environments that are accessible, walkable, and supportive of older adults, with public spaces, transportation, and housing that cater to their needs. Country Example: China's operator of senior living facilities and hospitals in China, with a portfolio that includes a hospital, two clinics, and three senior living facilities.Organizations: Colombia China (a JV between Columbia Pacific Management in US & Sheares Healthcare Group in Singapore).
2. Ageing in Place: This refers to the elderly's ability to live in one's own home and community safely, independently, and comfortably, regardless of age, income, or ability level.Country Example: France's Eurasanté’s HIPA Living Lab (Silver SMEs project), featuring home solutions for seniors, and acting as a sandbox to test innovative technologies for home adaptations.Organizations: Eurasanté
3. Technology: Developing user-friendly tech solutions for seniors through investments, grants, and venture-building initiatives.Country Example: South Korea's Korea Advanced Institute of Science and Technology (KAIST) engagements in aging and technology projects to develop intelligent systems and assistive devices for seniors, such as the deep-touch-pressure (DTP) HUGgy vest by DolbomDream.Organizations: Korea Advanced Institute of Science and Technology (KAIST), Dolbomdream
4. Interconnected Social Services: Develop community centers that offer various services, from health clinics to social activities, creating hubs for older adults to connect and receive support.Country Example: Sweden's senior centers provide a range of services.Organizations: Swedish National Pensioners' Organisation, City of Stockholm.
5. Intergenerational Programs: Encourage initiatives that bring together different age groups for shared activities and learning experiences.Country Example: Japan's Research on Productivity through Intergenerational Sympathy (REPRINTS; est. 2004) program, which aims to achieve intergenerational engagement, intragenerational relationship building, and life-long learning, through seniors-led book reading sessions for young children.Organizations: Tokyo Metropolitan Institute of Gerontology, Chuo-Ward in central Tokyo, Tama-Ward in Kawasaki City (Kanagawa Prefecture), Nagahama City in Shiga Prefecture, Selected public elementary schools.
6. Senior/ Social entrepreneurship: In 2014, the OECD and Global Coalition on Aging (GCOA) highlighted the following after a discussion: Social entrepreneurship is an important component to achieving the silver economy, and public policy should build enabling frameworks to help these efforts flourish.Country Example: Japan's Japan Senior Citizens Association implements skill development programs tailored for older individuals, empowering them with new skills and opportunities for social entrepreneurship.Organizations: Japan Senior Citizens Association
7. Employment and volunteering: As Kanwaljit Soin states in her book Silver Shades of Grey, "The chronological limit for retirement...usually set at 60 or 65...may be unfair for those who are...asked to retire on grounds of chronological age only without taking biological ageing into account." Retirement policies should be adjusted for this important fact of ageing. Not only does employment (paid or honorary capacity) boost the elderly's ability to retain autonomy and agency, but it also helps to overcome loneliness and reduce social isolation.Country Example: Taiwan's 2,850 (2018) Community Care Stations allowed seniors to serve as volunteers to promote health and social interaction, and conduct home visits, telephone check-ins, and meal services for older adults. Innovative startups nationwide are also creating jobs for seniors to earn some income through the gig economy, such as PackAge+, which involves seniors in their circular packaging service operations.Organizations: Taiwan government, Non-profit organisations, PackAge+.

Drawing parallels to the efforts in developing communities that foster seniors' abilities in Singapore, we can observe ongoing efforts in:

1. Developing age-friendly housing and towns, simplifying ageing-in-place - Senior-friendly housing with shorter 30-year lease terms and fitted with senior-friendly features, supported by the Senior Priority Scheme to improve the senior's chances when balloting for a flat (public housing); Multi-generation family-friendly housing arrangements encouraged through Enhance Multi-Generation Priority Scheme and 3Gen flats; Community Care Apartment (CCA) is a public housing assisted living concept that pairs senior-friendly housing with care services that can serve seniors’ care needs as they evolve. A site for private assisted living development has been launched at Parry Avenue in 2022 to cater to our seniors’ diverse preferences and housing needs; Options for seniors to monetise housing assets through an Enhanced Lease Buyback scheme and Enhanced Silver Housing Bonus; Subsidy of up to 95% for senior-friendly home retrofits under Enhancement for Active SEniors (EASE); Subsidies for assistive devices and home healthcare items under Agency of Integrated Care (AIC) Seniors Mobility and Enabling Fund (SMF).
2. Senior-friendly technologies and social enterprises are also increasingly being funded and supported by public and private organisations. Private investors are looking to allocate capital to age/ longevity technologies as part of their investment strategy, and blended finance is also gaining traction in this area. Examples of tech startups and enterprises that are funded through blended finance (the Singapore Centre for Social Enterprises, raiSE and Quest Ventures) include SoundEye , Tictag and Tetsuyu Healthcare . These companies are supported by government agencies, investors, and the social service sector through investment and accelerator programs to help them scale up their impact and business.
3. Community support through grassroots and social services - Grassroots movements are considerably strong in supporting communities through its 108 Community Centres (CCs), including the seniors within its constituency. Support includes learning and social activities, food rationing programs, and other support schemes. ComCare is also an initiative to support living expenses, medical expenses (at healthcare institutions), and social support services for low-income families and individuals, including seniors.
4. Meaningful work opportunities (pro-bono/ paid) created for seniors - The Silver Volunteer Fund (SVF) was launched in 2016 as part of the National Senior Volunteerism Movement and provides funding support for volunteer host organisations to recruit and train senior volunteers. It has supported 108 volunteer programs involving the recruitment of over 11,000 senior volunteers across 48 organisations; The Positive Parenting Programme (Triple P) equips parents and grandparents with techniques to promote their children’s psychological, social, and emotional competence; Ministry of Manpower (MOM) has mandated the increase in retirement and re-employment age to 65 and 70 respectively by 2030, to enable senior workers to continue working if they are able and wish to.

c) Delivering Person-Centered Integrated Care and Primary Health Services Responsive to Older People:

1. Patient-Centered Care: Promote healthcare that respects the autonomy and preferences of older patients, involving them in decisions about their care.Country Example: The Netherlands emphasizes patient-centered care for older adults.Organizations: Dutch Ministry of Health, Netherlands Institute for Health Services Research.
2. Team-Based Care: Encourage collaborative healthcare teams that include geriatric specialists, primary care physicians, and other professionals.Country Example: The United States encourages team-based care in healthcare systems.Organizations: Centers for Medicare & Medicaid Services (CMS), American Geriatrics Society.
3. Health Information Technology: Utilize electronic health records and telemedicine to improve the coordination of care and enhance communication between healthcare providers.Country Example: Estonia uses digital health records for integrated care.Organizations: Estonian eHealth Foundation, Ministry of Social Affairs (Estonia).

To deliver person-centred integrated care and primary health services responsive to older people, we do observe preliminary efforts in Singapore:

1. Healthier SG - Healthier SG involves a shift to stronger patient-doctor relationships and preventive healthcare, allowing the family doctor to assess overall health condition, conduct necessary health screenings, track results, administer vaccinations if need be, and advise on adjustments in lifestyles to help with health goals. The aim is to mobilise Singapore’s network of family physicians and family doctors so that they can better detect early signs of problems in a timely and accurate manner. Singaporeans can be enrolled in this program and leverage community partnerships and support from agencies such as the Health Promotion Board (HPB), Agency for Integrated Care (AIC), People’s Association (PA), SportSG, National Parks Board (NParks), and community partners that oversee various social services.
2. Hospitals helping seniors age in place through integrated services - Alexandra Hospital introduced its “seamless integrated care beyond discharge” program for seniors with multiple comorbidities to allow continuity of care, anchoring it in the safety and comfort of the home and community.?The elderly patients are cared for by a multidisciplinary team, made up of doctors, nurses, and allied healthcare professionals. Often, a care manager or social worker would be included in the team to care for the elderly patient and reduce hospital utilisation and admissions.

d) Providing Access to Quality Long-Term Care for Older People:

1. Home and Community-Based Services: Develop services that enable older adults to receive care in their own homes and communities, including home healthcare and meal delivery programs.Country Example: Japan offers home-visit nursing care services.Organizations: Ministry of Health, Labour, and Welfare (Japan), Japan Home Care Association.
2. Caregiver Support Programs: Offer support and resources for family caregivers, including respite care options and caregiver training.Country Example: United States' caregiver support through the National Family Caregiver Support Program, and community-funded non-profit organisation (CAREgivers; est. 1984), a national volunteer caregiving program to support seniors and direct caregivers.Organizations: Administration for Community Living (ACL), Family Caregiver Alliance, CAREgivers.
3. End-of-life: Advance care planning, allowing seniors to express their preferences for end-of-life care. This involves discussing medical treatments, living wills, and assigning healthcare proxies.Country Example: UK's Compassion in Dying initiative provides information and support to individuals, empowering them to make informed decisions about their treatment preferences through advance care planning.Organizations: Compassion in Dying

In terms of quality long-term care, seniors and caregivers in Singapore could turn to:

1. Agency for Integrated Care (Singapore) (AIC), the government agency in Singapore leading initiatives related to eldercare and healthcare integration, including advance care planning.
2. Private assisted-living projects and social enterprises to provide long-term healthcare services, daily living activities support, and caregiver support. Examples include the pilot private assisted-living project with senior-friendly features in Parry Avenue led by Perennial Holdings, and startups such as SG Assist , which provides 24/7 emergency monitoring and response services, and resources and training for caregivers.
3. Community and palliative healthcare to support seniors to age in place and die at home - Even with challenges preventing seniors from ageing in place and dying at home, the Ministry of Health in Singapore (MOH) is working to raise awareness of and scale up palliative care capacity and better support caregivers at home. For instance, Alexandra Hospital launched its Geriatric Services Hub (GSH) in 2019 with direct access to specialised hospital-based services and resources. The hubs are run by the hospital’s multidisciplinary medical team from the Healthy Ageing Programme, taking referral appointments by GPs or polyclinics for specialist geriatricians, nurses, pharmacists, physiotherapists, occupational therapists, and care coordinators. The fees at these GSHs are lower than specialist clinics and are free for seniors living in rental blocks.

These best practices globally and in Singapore aim to promote positive attitudes towards aging, create age-friendly communities, enhance healthcare services for older individuals, and provide quality long-term care. They contribute to improving the well-being and dignity of older adults globally, but there are still gaps in the silver economy that are not (adequately) addressed.

Gaps in the Silver Economy

Even with a multitude of support for the elderly, there are still gaps in terms of the availability, accessibility, and affordability of silver solutions that are targeted at the elderly or can be improved for the inclusion of the elderly. Below are a few gaps in the silver economy.

1. The change in how we think, feel, and act towards age and ageism needs to move beyond just media publicity and research into businesses and other touchpoints of the seniors' lives. This is a long-term shaping of the concept of the silver economy - the silver economy is not about OLD people, but ALL people. All businesses, tech or non-tech, should identify ways to include the elderly as part of their silver transition strategy, to tap into the US$15 trillion silver economy. Businesses could also start onboarding and nurturing their young seniors (aged 50s - early 60s) users to develop their consumption behavior before they officially transition into the silver generation.
2. Despite efforts to develop communities in ways that foster the abilities of older people, there is still much to be done to increase their financial independence and social confidence. Even with the mandatory social security savings scheme in Singapore, there are gaps in how young seniors and seniors can suitably invest and continue to generate an income.Doubling down on digital inclusion is necessary as these groups could then utilise existing fintechs and the gig economy to grow their savings and earn some income to cover daily expenses. Trust needs to be established by the government or reputable financial institutions on financial products that are certified to be suitable for the elderly. Job roles that are suitable for the elderly could be labeled so that the elderly could apply with more confidence. Funding and capacity-building support should also be made available to senior social entrepreneurs or social enterprises targeting the silver economy. Channels to empower financially secure seniors to support fellow seniors could also be set up, giving them a platform to do more in supporting the elderly community.
3. For the delivery of person-centred integrated care and primary health services responsive to older people, the gap lies very much in technological solutions that could enable greater integration and responsiveness. Older people should be informed and granted access to wearables and smart home devices/ systems to collect biodata, vital signs, and emergency triggers that can be made available to health professionals or caregivers in real time. This is especially important for seniors who are living alone.In addition, seniors could have an improved understanding of healthy life years and preventive healthcare to reduce the costs of healthcare and increase the number of healthy years where they can experience a greater quality of life before death.
4. On top of access to quality long-term care, there could be better support for daily living activities when ageing in place and a reduction of senior isolation. The Ministry of Health in Singapore (MOH) said that come 2030, around 100,000 seniors will require help with at least one daily living activity, while about 83,000 seniors will live alone. MOH defined activities of daily living (ADLs) as bathing, dressing, feeding oneself, using the toilet, moving around, and transferring from bed to chair and vice versa. While there will be regular support given for these ADLs by caregivers and domestic helpers, there are gaps that businesses could fill when it comes to on-demand (by seniors and/or their caregivers) services for ADLs and other daily living activities, such as reading official letters, messages, and documents, accompaniment to clinics or hospitals, grocery shopping, cooking, and cleaning.To reduce senior isolation as a result of living alone, the gaps in micro-mobility and travel must be addressed. The inertia to social engagements could be attributed largely to the physical strength required to get to community centers, healthcare facilities, gardens, social events, and overseas travel. There should be solutions to reduce last-mile commutes as much as possible, through solutions such as electric scooters/ bikes (e-scooters/ bikes), infrastructure and regulations for the elderly e-scooters/ bikes on the pedestrian road, and last-mile rides to the boarding gates and immigration & customs, regardless of airlines. Enhanced mobility enables seniors to participate in activities outside their homes, reducing isolation and promoting social engagement. Regular home visitation and befriending programs by neighbours and volunteers could help alleviate feelings of loneliness and provide seniors with a sense of connection and care, especially for those who may have limited mobility.

III. THE SILVER LINING - OPPORTUNITIES FOR PUBLIC AND PRIVATE SECTOR INVESTORS

Understanding demographic dividends and opportunities for Asia's Silver Economy

Asia as a whole, especially its emerging markets (EMs), is experiencing the demographic transition into a society with low fertility and mortality, and thus poised to reap both the first and second demographic dividend.

• First demographic dividend (Transitory bonus)

The first dividend usually lasts about 50 years or more. During this period, the labor force grows faster than the population dependent on it, freeing up resources and boosting per capita income. Most aged and super-aged nations have already reaped this transitory bonus.

• Second demographic dividend (Longevity bonus)

When the size of dependents grows bigger, the second dividend will emerge as the first fade. This second dividend results from an accumulation of wealth and savings by older individuals for consumption in old age and investment in their human capital, especially in health and education. This dividend can be sustainable as the bonus is transformed into greater assets.

The accumulation of assets by the elderly is mainly driven by:

• More time for accumulation of savings and assets, due to longer life expectancy.
• Efforts to accumulate more assets during working years, due to longer retirement duration.
• Fewer resources being allocated to child rearing, due to lower fertility.

All markets stand to reap the benefits of this longevity bonus if they take progressive steps and act early to:

• Support old workers' productivity. This productivity is dependent on health and disability, tax incentives and disincentives, and, particularly, the structure of pension programs and retirement policies.
• Establish financial systems that are sustainable, sound, trusted, and accessible to ALL who want to secure their financial futures. This will in turn support the elderly in accumulating assets and savings during their productive/ working years.
• Build strong family and public sector support systems for the elderly to reduce the elderly burden to provide for himself/ herself.

Demographic dividends help us understand the opportunities in the Silver Economy. The reward for being the first to capture the ageing marketplace will be huge. It is estimated that people over the age of 60 hold more than 50% of the wealth in developed societies, with a similar trend occurring in emerging countries, a largely untapped market. Bank of America Merrill Lynch estimates the global Silver Economy will grow from US$7 trillion per year in 2014 to US$15 trillion by 2020. According to a research paper, the government of China projects that, by 2050, retirees will make up 33% of China’s population and elderly care will take up 25% of China’s annual gross domestic product (GDP). This positions elderly care to overtake China's largest industry, real estate, within the next 15 years.

From this perspective, it may be more accurate to talk about generational bonuses rather than generational burdens, especially when the elderly population is willing to commit their wealth as funders and consumers to develop better infrastructure and support for society and fellow aged.

Funding the Silver Economy

Public and private funders are looking at a US$15 trillion Silver Economy and stand to capture tremendous upside in this silver transition globally and especially in Asia. There are multiple opportunities for capital from public or philanthropic sources to be deployed sustainably into silver techs/ social enterprises, instead of only projects, and at the same time, catalysing private sector investments in the Silver Economy to enlarge the total amount of resources available to enterprises committed to both impact and profit.

The following are some ways how funders can deploy their capital strategically:

1. Blended finance - Blended finance plays a paramount role in de-risking and risk-sharing for public and development financial institutions. Commercial capital is mobilised by catalytic concessional capital from governments, philanthropies, development cooperation agencies, and other stakeholders. Concessional finance can take the form of loans, grants and, to some extent, equity investments. Public, philanthropic, and private capital allocators could actively seek alignment in a common set of financial and impact objectives and investment instruments, and in turn, draw from their resources and networks to support the portfolio company more holistically. When the portfolio company matures, it will also free up public capital for new development projects.
2. Responsible investment - When building a portfolio, public, philanthropic, and private investors could consider Environmental, Social, and Governance (ESG) issues, more specifically in the area of social issues/ silver transition, to enhance risk-adjusted returns. The incorporation of ESG in investment analysis and decisions would involve ESG data collection, tracking, and greater transparency and standardisation for ESG indicators/ metrics, including that of the silver generation. With a concerted push by all investors, standardised and open data could made available for investment analysis and eventual decision to invest in silver techs/ social enterprises.
3. Stewardship (active ownership) - Public, philanthropic, and private funds could look to deploy capital into innovative technologies and social enterprises that may not already be in the Silver Economy space and take on a stewardship role in influencing them toward the space. Stewardship through engagement, voting, and other tools could result in the inclusion of silver-friendly features and even pro-family initiatives/ products to allow unhindered internal redistribution of earnings and consumption within intergenerational households. Also, it may catalyse the creation of new businesses within the investee targeting the Silver Economy.

To close, the silver transition is as urgent as the green transition, but here presents immense opportunities for public, philanthropic, and private investors to consolidate their financial and non-financial resources and back the Silver Economy champions early—the rewards for being first in this largely untapped market are massive.

?? If I missed any great initiatives for the silver economy, do leave a comment so we can benefit from your expertise!

ADDITIONAL RESOURCES

• World Population Prospects, United Nations (UN) https://population.un.org/wpp
• What are the economic consequences of rapidly ageing populations?, https://www.weforum.org/agenda/2015/08/what-are-the-economic-consequences-of-rapidly-ageing-populations
• What Is the Demographic Dividend, International Monetary Fund, https://www.imf.org/external/pubs/ft/fandd/2006/09/basics.htm
• Leaving No One Behind In An Ageing World, United Nations, chrome-extension://efaidnbmnnnibpcajpcglclefindmkaj/https://www.un.org/development/desa/dspd/wp-content/uploads/sites/22/2023/01/2023wsr-chapter1-.pdf
• 2023 Action Plan for Successful Ageing by Ministry of Health of Singapore, https://www.moh.gov.sg/docs/librariesprovider3/action-plan/2023-action-plan.pdf
• Cost of Aging, International Monetary Fund, https://www.imf.org/external/pubs/ft/fandd/2017/03/lee.htm
• Ageing, Organisation for Economic Co-operation and Development (OECD), https://www.oecd-ilibrary.org/sites/1ad1c42a-en/index.html?itemId=/content/component/1ad1c42a-en
• Blended Finance, A Brief Overview, International Development Finance Club, https://www.idfc.org/wp-content/uploads/2019/10/blended-finance-a-brief-overview-october-2019_final.pdf
• These countries are most ready to deal with ageing populations, World Economic Forum (WEF), https://www.weforum.org/agenda/2020/02/what-are-japan-and-singapore-doing-about-ageing-population
• Silver Shades of Grey: Memos for Successful Ageing in the 21st Century, Kanwaljit Soin
• Hureai kippu lessons from Japan for the ‘Big Society’, University of Birmingham Institute of Local Government Studies, https://www.jlgc.org.uk/en/pdfs/Hureai%20Kippu%20-%20Lessons%20from%20Japan%20for%20the%20Big%20SocietyCESedit17March2011.pdf