Employers and elderly-focused businesses have much to gain from Asia’s growing silver generation
By Ran Mo and Howard James
At the heart of rapidly evolving Asia is a quiet yet disruptive emerging force: its aging population.
From bustling Tokyo to the skyscrapers of Hong Kong, from the tech-driven cities of South Korea to the harmonious streets of Singapore, the elderly are no longer a demographic minority. Instead, they are pivotal players in the socioeconomic and political narratives of the region.
The age group’s size is noteworthy. In 2020, Asia’s population aged 65 or older stood at 630 million. By 2040, it will reach 757 million — accounting for more than half of the world’s elderly population.
Governments around the region view this demographic as potentially problematic. Already stretched healthcare systems could soon become overwhelmed, given that the elderly are more vulnerable to falling sick and are more injury prone. Public healthcare costs could skyrocket, while workforces should shrink, and providers of retirement funds — both state and private — will become financially stretched.
Moreover, most of society’s amenities and recreational facilities are set up for able people much younger (Singapore and Japan excluded). Homes typically involve stairs in one way or another; and at work, the elderly aren’t expected to continue beyond retirement age. All of this and much more could change however, should governments and businesses adequately prepare. Indeed, those that embrace the elderly could benefit enormously.
But just who stands to profit?
Quite simply, almost every businesses and sector. The estimated value of Asia’s ‘silver economy’ stands at US$4.5 trillion today. Given the demographic’s growth trajectory over the coming decades, this number should rise significantly in future.
Businesses should seriously think about how they can tap into the elderly’s growing spending power, or risk missing out.
Knowledgeable, experienced and loyal
While specific sectors will notably prosper from the silver generation, most businesses irrespective of industry can capitalise on the growing number of retirees seeking to continue in employment. Some choose to work out of financial need, others to avoid boredom and loneliness, while many do so to keep their minds active.
In most places around the world, retirement is seen as a full stop — an endpoint to a lifelong career. In Asia however, the narrative is more nuanced. Driven by economic need, limited pension systems, and a cultural emphasis on productivity, many seniors here are choosing to work well beyond traditional retirement ages. While many may be forced financially to continue working, for such people this trend is not just only about economic survival. It is also rooted in values — pride in contribution, generational responsibility, and a strong work ethic cultivated over decades.
Businesses shouldn’t view hiring elderly workers as merely doing their bit for society. In fact, they should see it as the opposite. Most elderly workers are smart, capable hires, able to deliver a competitive advantage in their specialist field. Time and again we see that experience and deep insight is near impossible to gain from young workers, who may be career hungry and overly vocal in their views, but who universally lag behind those decades older in terms of knowledge.
Loyalty is a noteworthy attribute of this age group. Give an elder worker a decent salary and work arrangement, and they will stay at your business, and resist moving elsewhere.
Tech-enabled and empowered
Since the advent of smartphones some 20 years ago, the tech capabilities of the elderly have rabidly advanced. While some still struggle with these devices, most know how to operate them.
The internet economy is perfect for the elderly in many ways. Providers of remote healthcare services — like virtual doctors, telemedicine providers, wearables and health monitoring apps — are already transforming how the elderly manage and monitor their health.
The demographic is very comfortable shopping online as well, with reportedly one-third preferring to purchase via the web versus a physical store. All sorts of goods are being bought online. Not just groceries and clothing; they’re buying beauty products, home appliances, holidays, mp3 downloads, and much more. Unsurprisingly they are also purchasing elderly care products on the web as well.
From use of social interaction apps to engaging in online learning, the elderly are proving they can adapt. Complimenting this, Asian governments are offering digital skills training programmes, helping seniors stay connected, safe, and empowered in the digital age. Designing age-inclusive technology isn’t just good business — it’s fast becoming a moral imperative.
Professional services
Numerous professional services sectors also stand to gain. Law firms provide much needed advice regarding estate planning and taxation; power of attorney, wills, trust and probate; guardian and conservatorship; and many other matters. Elderly-focused property agents help the silver generation find age-appropriate homes built for to the limitations and opportunities brought about by physical aging.
Wealth managers are assisting the elderly better manage their finances, to ensure that they have enough money fund their lifestyles. They are also helping with the passing of this wealth to the next generation. Such clients are increasingly using trusts and estate planning vehicles to realise their intergenerational wealth goals.
For the broader population however, financial literacy remains a challenge. Innovative pension designs, downsizing homes for liquidity, and retirement-focused financial products are gaining traction — but the gaps remain wide, especially in rural regions. Despite their growing spending power, many seniors across the continent still face financial vulnerabilities. In Hong Kong alone, over 580,000 elderly people live below the poverty line — a number that has grown by almost 43% since 2019. This fact alone underscores that while opportunities are plentiful for the elderly and the businesses that service them, acute issues nonetheless remain.
The next steps
How countries and businesses respond to today’s demographic pivot will determine their resilience, inclusivity, and long-term prosperity.
Japan’s Silver Human Resource Centres for example, offer a blueprint for community-based employment solutions, by providing part-time, temporary, and light work opportunities for older adults aiming to promote well-being and social participation. Singapore’s multi-pronged approach — raising retirement age, offering wage subsidies, promoting eldercare innovation — is also universally viewed as exemplary.
But noteworthy challenges remain: legal protections against elder abuse is limited; improved access to healthcare in rural China is much needed; and deep pension coverage across Southeast Asia is acutely lacking — these are a mere few of the many that impede the elderly around the region. Addressing these will require not just policy innovation but a shift in societal thinking.
Governments and businesses alike must view seniors not as dependents, but as contributors — capable of fuelling economies, mentoring younger generations, and enriching the social fabric. It is a time to invest, not just in systems and structures, but in the people who built the modern Asia we know today.
In the coming decades, the most successful nations and businesses will be those that don’t just care for their elderly, they will be the ones who empower, include, and celebrate them.
Because aging isn’t the end of growth. It’s a different kind of beginning.
As part of our Private Client Practice, Belmont Communications supports businesses that serve the elderly with an array of communications services and initiatives. To learn more, speak with us.