SINGAPORE: With more and more seniors and a declining birth rate, Singapore is set to transition into a super-ageing society within the next three years, a condition defined by the World Health Organization when more than 20% of the population is 65 or above. Currently, Singapore is already considered an ageing society, with 19.1% of its population falling into this age group.
The World Health Organization stipulates that when the proportion of a population aged 65 and above exceeds 14%, it qualifies as an ageing society. In Singapore’s case, this proportion is currently at 19.1%, and it is projected to rise to 25% by 2030, meaning one in every four people will be 65 years or older.
As people live longer, the birthrate has been steadily decreasing year by year. While this trend is not unique to Singapore and affects many countries and regions globally, the demographic shifts here have particular implications given Singapore’s small size.
While Singapore boasts one of the longest life expectancies in the ASEAN region, with an average of about 83 years, concerns have been raised about the quality of life for its ageing population. Despite living longer, Singaporeans are experiencing an increase in disability-adjusted life years due to illness, affecting their overall quality of life.
The average number of years of illness per person in Singapore is approximately 9.22 years, highlighting the challenges that elderly individuals and their caregivers face.
Associate Professor Kalyani from the Department of Gerontology at Singapore University of Social Sciences told Channel 8 news: “You can imagine that caregivers also face a lot of difficulties when caring for their elderly relatives, especially when the elderly are immobilized.”
In addressing these issues, experts stress the importance of a multifaceted approach. They suggest that improving the health of the elderly is crucial, but it’s equally important to include the perspectives of young people and caregivers when formulating policies covering ageing. Additionally, finding ways to enable the elderly to contribute to their communities and society is essential.
Social resources, such as volunteering opportunities and involvement in sustainability and climate change initiatives, can help enhance the quality of life for the elderly. This shift in perspective from viewing the elderly as burdens to recognizing them as valuable resources contributes to improved mental health and dignity in their senior years.
Meanwhile, as Singapore’s median population age continues to rise, it presents opportunities for businesses catering to the elderly. Healthcare startups utilizing artificial intelligence for elderly patient care and platforms curating lifestyle goods for seniors are flourishing.
According to Ageing Asia’s Silver Economy Index 2020, Singapore possesses the largest market potential for an ageing population among 15 Asia-Pacific countries.
The silver economy in Singapore is projected to reach a staggering $72.4 billion in value by 2025, offering lucrative opportunities for businesses in this sector. Singapore’s baby boomer generation, better educated and financially secure, is driving spending growth among the elderly population. This shift in attitude toward spending among seniors is influencing the growing demand in what’s termed the “longevity economy.”
As Singapore evolves into a super-ageing society, it faces numerous challenges but also opportunities for improvement in the quality of life for its ageing population and growth in the silver economy, promising a dynamic future for the city-state and its seniors.