What is Silver Economy?
The silver economy refers to economic activities, goods, and services designed to meet the needs of the elderly population.
Estimated at ₹73,082 crore, this sector is expected to grow significantly as the elderly population increases.
Elderly individuals are becoming a major consumer segment, often holding considerable wealth, making them key players in the economy
The silver economy is analyzed in the field of social gerontology (study of aging) not as an existing economic system but as an instrument of ageing policy
Challenges and Opportunities from the Growing Elderly Population in India
Challenges:
Rising healthcare consumption is driven by chronic ailments among the elderly, leading to increased healthcare costs (estimated at $7 billion).
Many elderly face financial burdens due to healthcare expenses and limited income sources.
There is a need for greater community awareness and support for the elderly to address feelings of isolation.
Opportunities:
Growing demand for tailored healthcare services and products offers business opportunities in the silver economy.
Programs like Senior Able Citizens for Re-Employment in Dignity (SACRED) aim to connect senior citizens with job providers, promoting active engagement.
Encouraging digital literacy among the elderly can enhance their access to services and benefits.
Need for a Multi-Sectoral Approach
Addressing the diverse needs of the elderly requires coordinated efforts across health, social, economic, and digital sectors.
Improving health literacy and access to comprehensive care can enhance the well-being of elderly individuals.
Innovative financial products and insurance schemes can help mitigate economic insecurities faced by the elderly.
Establishing peer support groups and raising community awareness can foster social inclusion and address loneliness.
Promoting digital skills will ensure that the elderly can benefit from various programs and services, making their lives easier and more connected.
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