Canada’s aging population: Shifting the narrative and embracing the silver economy
Taking action now is the only way to address the gaps in the silver economy that will lead to older populations being far less cared for
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Canada’s population is aging rapidly, with the demographic of older adults over the age of 65 reaching roughly 18.9 per cent of the population in 2023. By 2030, that number is expected to rise to as much as 23.4 per cent.
With many in the general population getting older, concerns regarding how older adults are given opportunities for jobs, care, and social connection are heightened. A new report, “The Age of Opportunity: Responding to Canada’s Aging Society,” from the CSA Public Policy Centre highlights the importance of shifting the narrative surrounding older adults, their capabilities, and the resources they require to lead healthy and fulfilling lives.
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Sherri Torjman, author of the paper and CSA Public Policy Fellow, notes that people generally hold a negative opinion of older adults, which can lead to distorted views about the positive opportunities presented when public policy begins to consider these populations.
“We don’t have to cast this demographic in a negative light or solely in a negative light,” she said. “There are many opportunities and many positive aspects that we just don’t recognize, let alone talk about publicly.”
The report aims to highlight changes that can be made to improve the view of older adults, as well as challenge the notion that once a person reaches a certain age, they are no longer valuable and simply a burden on society.
The silver economy
The silver economy is the term used to describe “economic activities related to meeting the needs and leveraging the purchasing power of older adults,” according to the report. It revolves around the goods and services required by people of an older age, such as the care economy and the service industry, as well as the simple fact that older adults are now likely to work past the traditional retirement age.
It’s a common misconception that when people reach a certain age, they are unable to perform meaningful work tasks. While for some, working past retirement age isn’t an option, many older adults can and would still shine in the workplace if given the chance and the right accommodations.
For example, older adults may not have access to the same information needed to find jobs that match their current skill level, or programs that can help them upgrade or learn new skills. However, that doesn’t mean it’s impossible to change the way older people can participate.
“We really need to get our heads around the fact that there are very big gaps related to the silver economy,” said Torjman.
According to the report, promoting intergenerational learning and community-based togetherness between older and younger adults can be a great way to enhance the knowledge and skill sets of both parties involved, as well as their well-being due to the social connection aspect.
“How can we make our community better? How can we make our workplace better? I learned from people who have already been involved in certain fields and they can fill me in on the history and what has happened and what has already been tried and in turn, can pass that on to the next generation so that when they’re doing their work, they will have that knowledge,” said Torjman. “We’re really talking about a knowledge transfer.”
Providing accommodations for older adults, in the same way that employers do for those with disabilities, is another way to improve the overall impact of the growing population, as well as the quality of life for those who cannot or do not want to retire at the standard age.
“There needs to be more movement toward movement,” said Torjman. “By that I mean reablement … it really means moving toward wellness. It’s sort of a technical term that some of the European countries are using, and what they’re trying to do is focus more on the functional ability of helping people regain their function. So, rather than just focusing on what’s wrong with you and what pill we can give you to make the pain go away … they’re sending in trainers and homecare trainers and physical activity trainers and they’re saying, what functional capacity do you need to relearn?”
Essentially, investing in ways to help older adults be as healthy and able as possible will aid in reducing the burden that aging can have on the country overall.
The care economy and why it’s important
Training for the care economy is another significant piece of the silver economy that often gets overlooked, even in the wake of the growing baby boomer population. As many as 2.4 million Canadians aged 65 and older will require some level of care by next year. By 2046, that number is expected to rise even higher to 3.3 million.
The care economy requires investment to ensure that people of a certain age have access to the right care partners, thereby enhancing their quality of life.
“I’m talking about nurses, nurse practitioners, homecare workers. Who can come into the house and provide some of the more formal healthcare services that people may need at home? There will be a big demand, there is big demand even now,” said Torjman. “How are we training people for those purposes?
The report notes that to address this specific challenge, policymakers must acknowledge the problem and act now, so that when those numbers continue to grow, demand can be met. This means investing in age-related businesses that can provide substantial support to the economy, as well as those aged 65 and older, with or without the need for care partners.
Putting it all together
The current narrative that the aging population is a burden will only continue to have some truth if investment in the silver economy and the well-being of older Canadians doesn’t occur. If it does, however, not only will the idea of older adults being a burden change, but the reality will shift as well.
The report notes that the opportunity lies in ensuring that older adults are well cared for, able to participate in training, and involved in intergenerational communities. That is how the barriers will come down.
