Citi publishes new report on maximizing the economic impact of aging populations
Healthy aging, preventive healthcare, labor market reform, and financial resilience planning are potential approaches to support a global population that is older than it has ever been.
London - Today, Citi Global Perspectives and Solutions publishes a new report on aging populations Embracing Demographic Transition (citigroup.com). The report makes a compelling case that by supporting healthy aging, shifting to a more preventive healthcare system, reforming labor markets and planning for financial resilience over decades, the economic impact of older societal groups could be maximized.
Nathan Sheets, Citi Global Chief Economist, said:
“Demographics are not necessarily destiny. While aging will no doubt influence outcomes for the economy and markets, there are ample mechanisms for the economy to adjust—or technology to innovate—in response to the challenges posed by demographics. For example, encouraging older workers to remain in the workforce for longer by providing more flexible employment contracts.”
Gonzalo Luchetti, Citi Head of U.S. Personal Banking, said:
“The over 65 population has grown rapidly over the past decade in the U.S. alone, resulting in an ever-increasing need for financial planning to ensure we can build ourselves sustainable financial futures over decades.”
Professor Ian Goldin, Oxford University Professor of Globalization and Development and director of several research programmes at the Oxford Martin School, said:
“Healthy aging is key to adapting to demographic changes. One of the challenges of the combination of increasing life expectancy and declining fertility is the risk of many more elderly people becoming dependent on a declining workforce. Governments and firms need to explore how to allow people to work in different ways and to develop much more flexible retirement and seniority structures to ensure demographic change is embraced as an opportunity rather than crippling families and economies.”
Amy Thompson, Citi Global Insights, said:
“Unlocking the potential of a population that is older than ever will require us all to remain productive into later life. This doesn’t just mean working for longer – looking after children and volunteering are also powerful economic contributors. Aging in good health and with sufficient wealth will be paramount.”
Report recommendations include:
- Maximizing the economic contribution of older groups, including evolving labor markets in support of longer working lives.
- Supporting economic resilience in later life, through financial inclusion and incorporating longevity into financial planning.
- Preventing the onset of dependence by supporting healthy aging, including the shift to a more preventive healthcare system.
- Ensuring access to affordable healthcare for all, including boosting the supply of care work and joining up health and care systems.
About Citi
Citi is a preeminent banking partner for institutions with cross-border needs, a global leader in wealth management and a valued personal bank in its home market of the United States. Citi does business in more than 180 countries and jurisdictions, providing corporations, governments, investors, institutions and individuals with a broad range of financial products and services.
Additional information may be found at www.citigroup.com | X: @Citi | LinkedIn: www.linkedin.com/company/citi | YouTube: www.youtube.com/citi | Facebook: www.facebook.com/citi
About Citi Global Insights and Citi Global Perspectives:
Citi Global Insights (CGI) seeks to deliver best-in-class thought leadership, data science, and client solutions on the major opportunities and challenges of our age. CGI publishes newly created and curated summaries of the best thematic content from across Citi. Key focus areas include Sustainable Finance and the Future of Technology, Finance, Healthcare & Innovation.
Citi Global Perspectives & Solutions (Citi GPS) is the public content brand of CGI focusing on key trends in the global economy, the environment, the risk landscape, and technology & innovation. CGI partners with leading academic institutions and external experts globally to deliver its insights.
Media Contact:
Fiona Beukes