“Aging will make it hard for governments to deal with mounting financial pressures.
It may be time to rethink our policies towards work.”
Jean-Philippe Cotis
Chief Economist
Organisation for Economic Cooperation and Development
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The number of working-age adults available to support an older person is rapidly declining globally. In 1950, there were 12 working-age people for every elderly person in the world. In 2010, this ratio declined to 9. (UN Population Division)
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49 percent of employers view the retirement of older workers as loss of valuable skills and experience; 40 percent believe it makes room for younger workers. (HSBC Future of Retirement study)
The traditional life plan is linear – starting with education, followed by a long period work, and concluding with a few years of leisure (retirement) until death. Today, that life plan doesn't apply to most of us because we're living longer and the working population is receding in comparison. Continued education and training over a lifetime that allows for a rotation of periods of education, work and leisure would ensure our longevity leads to productivity and wealth creation consistently over time.
