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Rising life expectancies and an ageing global workforce present organisations with unprecedented challenges and untapped opportunities. Average global life expectancy has rocketed from 53 years in 1960 to 72 years in 20151, and it is still climbing, with life expectancy projected to grow by 1.5 years per decade2. Longevity, combined with falling birth rates, is dramatically increasing the share of older people in populations worldwide3. Looking ahead, the ratio of retirees per worker globally is expected to change from 8:1 (12.5%) today to 4:1 (25%) in 20504.
Population ageing poses a workforce dilemma for both economies and organisations. Thirteen countries are expected to have 'super-aged' populations, where more than one in five people is 65 or older, by 2020: an increase from just three in 20145. These include major economies such as the United States, the United Kingdom, Japan, Germany, France, and South Korea. China's 65-and-older population is projected to more than triple from approximately 100 million in 2005 to over 329 million in 20506; meaning that 60% of the world's population of over 65s will live in Asia by 20307.
While the increasing number of people continuing in employment beyond traditional retirement age, and ensuing implications for organisations as well as for the individual have attracted interesting discussion of late8-9, significant challenges remain. Gone are the days where people ceased working and then filled their lives with hobbies, travelling, undertaking activities of choice, and then realise they have no purpose in life. Now, people have expectations of living into their 90s; and for much of that time, they are going to be economically active. This may be in traditional, workplace-based pursuits but also, increasingly, through the adoption of alternative or novel platforms: eBay and Airbnb landlords being prime examples. The rise too of 'maturepreneurs'10 is a major area of interest. For example, recent studies found the average founder of the fastest growing tech start-ups in the USA was about 45-years-old, with 50-year-old entrepreneurs about twice as likely to succeed as their 30-year-old counterparts11-12.
This mirrored findings by the Institute of Directors in the UK13. The Australian Government has embraced the maturepreneur, making a strong investment in Australia's future through the 'More Choices for a Longer Life package'14.
While most developed countries have increasing life...