The Wisdom Economy: How Experience Is Shaping a New Era of Impact

What if your most valuable contributions are still ahead of you?

We are amidst a longevity revolution, enjoying longer and healthier lives. This is driving a rethink of what it means to age. Later life is no longer a closing chapter but a powerful act of renewal — a time to channel wisdom — that rich blend of experience, judgment, and empathy — into a world that needs it more than ever.

With this as a backdrop, I created my Purposeful Third Act (P3A), a term I coined. My ambition now is to create a movement that reframes the later years of life as a time of intentional societal impact, fuelled by purpose and the desire to make a meaningful difference. Yes, it’s about giving back, but it’s more. Your third act can — and my experience tells me should — also include paid work, learning, and creating moments of deep joy. It’s about rewriting the story of aging — shifting from a narrative of decline to one of freedom to explore, grow, and contribute.

P3A resonates because it answers a yearning many of us already in, or approaching, this stage feel: to stay relevant, to make an impact, and to grow as we move through the stages of our lives.

Why Now? The Rise of the Wisdom Economy

We’re entering the wisdom economy, where experience is not a relic but a force for progress. Wisdom — the combination of knowledge, emotional intelligence, and sound judgment — helps solve complex challenges, inspires growth, and fosters understanding.

As Chip Conley notes in a recent Harvard Business Review article, we’re transitioning from “knowledge work” to “wisdom work,” where lived experience becomes a resource we share with others. Intergenerational collaboration drives innovation, and human wisdom offers balance as we navigate the rapid rise of artificial intelligence, providing a compass in uncertain times.

The wisdom economy demands a new perspective on aging. For individuals, it’s moving from personal achievement to societal significance by staying curious and engaged. For employers, it’s about recognizing seasoned leaders and professionals for their knowledge and insights, human skills, mentoring, and resilience. For society, it’s an opportunity to redefine aging as a period of purposeful contributions, lifelong learning, and new adventures.

Whether an advisor, mentor, speaker, or writer, I strive to share ideas and personal learnings that inspire people to think and act differently.

The Purposeful Third Act: From Achievement to Impact

Following a rewarding career at RBC, culminating in ten years as RBC’s Chief Human Resources Officer, I asked myself: “Now what? Who do I want to be?” For decades, my north star guiding my leadership had been, “to help unlock human potential and build inclusive prosperity.” I asked myself: "Could this purpose, albeit unstated, be crystallized to guide my third act?”

P3A isn’t about staying busy. It’s not about clinging to status and titles. That said, I’ll admit it required a humbling adjustment of my ego — more about that in another article. Today, my work brings to life my purpose in various ways. I hold roles as advisor, coach, mentor, board director, and executive-in-residence as part of my social impact portfolio. It brings me joy to advise and mentor younger people, especially those making social impact. I complement this with commercial endeavours such as advisor to business, corporate boards, and consulting. The return on my portfolio life is impactful contribution, learning and growth, joy, and earnings. One common thread across all this — curiosity!

It’s a pivot, not a retreat. A shift from focusing on personal success to embracing shared prosperity and purpose.

Making the Purposeful Third Act the Norm, Not the Exception

P3A isn’t just personal; it’s societal. It’s about employers, communities, governments, academia, and civil society embracing the wisdom economy. It’s a call for seasoned leaders and professionals to tackle today’s challenges with purpose and energy, while finding growth and joy for themselves.

Our third acts can be our most impactful years — a time to contribute, grow and thrive. By approaching this stage with intention, we move beyond personal legacies to creating enduring impact for future generations.

If you can make things better, you must! What will your third act look like?