Uncover the Ageism Hiding in Your Organization

Sustainable Development Goals and the Longevity Economy

Introduction

The Sustainable Development Goals (SDGs) are a set of global objectives established by the United Nations to address various social, economic, and environmental challenges. One of the key areas of focus within the SDGs is the promotion of sustainable and inclusive economic growth. This article explores the intersection of the SDGs and the longevity economy, highlighting the opportunities and challenges associated with an aging population.

The Longevity Economy

The longevity economy refers to the economic impact of the growing population of older adults. According to research by AARP, the longevity economy represents a significant opportunity for economic growth and innovation. It is estimated that by 2022, the global longevity economy will reach $15 trillion, making it one of the largest and fastest-growing segments of the global economy^[1]. This presents a unique opportunity for businesses and policymakers to tap into the potential of older adults and leverage their skills, knowledge, and purchasing power.

Demographic Shifts

The demographic shifts resulting from an aging population have significant implications for society and the economy. The United States, for example, is experiencing a demographic turning point, with projections indicating that by 2034, older adults will outnumber children for the first time in history^[3]. This demographic shift has implications for various sectors, including healthcare, employment, and consumer markets. It is crucial for policymakers and businesses to adapt to these changes and develop strategies that promote the well-being and inclusion of older adults.

Ageism and Health

Ageism, or discrimination based on age, is a significant barrier to the full participation and inclusion of older adults in society. Research has shown that ageism can have negative impacts on the health and well-being of older adults^[5]. Addressing ageism is not only a matter of social justice but also aligns with the SDGs, particularly Goal 3: Good Health and Well-being. By promoting age-friendly policies and challenging ageist attitudes and stereotypes, societies can create environments that support healthy aging and well-being for all individuals.

Multigenerational Workforce

The changing demographics of the workforce, with multiple generations working side by side, present both challenges and opportunities. Research has shown that organizations that embrace a multigenerational workforce and create inclusive work environments can benefit from increased innovation, productivity, and employee satisfaction^[6]. By promoting intergenerational collaboration and providing opportunities for lifelong learning and skill development, businesses can harness the diverse talents and experiences of workers across different age groups, contributing to the achievement of SDG 8: Decent Work and Economic Growth.

Mature Consumers

Another aspect of the longevity economy is the significant purchasing power of older adults. Mature consumers represent a valuable market segment that is often overlooked by businesses. Research by the Boston Consulting Group highlights the importance of understanding and catering to the needs and preferences of mature consumers^[7]. By developing products and services that meet the specific needs of older adults, businesses can tap into this market and contribute to SDG 12: Responsible Consumption and Production.

Conclusion

The longevity economy presents both opportunities and challenges for societies and economies around the world. By aligning efforts with the SDGs, policymakers, businesses, and individuals can work towards creating a more sustainable and inclusive future for all generations. Emphasizing the importance of the SDGs in addressing the needs and aspirations of older adults is crucial for achieving the vision of a society that values and supports individuals of all ages.

1. Longevity Economy: From Perceived Burden to Real Opportunity
2. Global Longevity Economy Outlook
3. Demographic Turning Points for the United States: Population Projections for 2020 to 2060
4. Ageism Unmasked: Exploring Age Bias and How to End It
5. Everyday Ageism and Health
6. Work in the Era of No Retirement
7. Best Practices for Engaging a Multigenerational Workforce
8. Don’t Overlook Your Mature Consumers

SDGs, Targets, and Indicators

1. SDGs addressed or connected to the issues highlighted in the article:

   • SDG 3: Good Health and Well-being
   • SDG 8: Decent Work and Economic Growth
   • SDG 10: Reduced Inequalities

2. Specific targets under those SDGs based on the article’s content:

   • SDG 3.8: Achieve universal health coverage, including financial risk protection, access to quality essential healthcare services, and access to safe, effective, quality, and affordable essential medicines and vaccines.
   • SDG 8.5: By 2030, achieve full and productive employment and decent work for all women and men, including for young people and persons with disabilities, and equal pay for work of equal value.
   • SDG 10.2: By 2030, empower and promote the social, economic, and political inclusion of all, irrespective of age, sex, disability, race, ethnicity, origin, religion, or economic or other status.

3. Indicators mentioned or implied in the article to measure progress towards the identified targets:

   • Indicator for SDG 3.8: Percentage of the population with access to essential healthcare services and medicines.
   • Indicator for SDG 8.5: Employment rate and wage gap between different age groups.
   • Indicator for SDG 10.2: Measures of social, economic, and political inclusion for all age groups.

Table: SDGs, Targets, and Indicators

Source: sloanreview.mit.edu