Feature in The Senior SA: Modern Ageing® a booming business

The following article by Therese Murray was originally published by The Senior (SA) in their July 2023 edition.

A shift in retirement patterns and attitudes teamed with medical breakthroughs and technological advancements is leading the charge for Modern Ageing®.

Global Centre for Modern Ageing® chief executive Julianne Parkinson said Modern Ageing recognises that people are living and working longer.

Based in South Australia, the Centre drives positive change through advocacy, market development, partnerships, research and learning. Ms Parkinson said its vision is to redefine the ageing experience and promote healthy ageing worldwide.

By 2050, about one in four people (1.3 billion) in the Asia and Pacific region will be aged over 60. Consumer spending by people aged 65-plus is expected to increase by $15 trillion globally in the next seven years.

The value of the ageing market in the region is projected to exceed $4.5 trillion by 2025.

"Modern Ageing® focuses on ageing providing positive opportunities for individuals, families, communities, organisations and the economy," Ms Parkinson said.

"It is a global response to the changing circumstances that older people face in today's society as a result of advances in medicine and technology, and shifts in attitudes and values, including the expectation that people live better and independently for longer as they age.

"It also considers the myriad of societal changes and technological advancements that have the potential to offer access to resources and opportunities that enable older people to age with dignity, independence and purpose.

“Importantly, Modern Ageing® emphasises the potential that ageing brings and encourages all people to view ageing as positive.”

She said there is now a greater emphasis on maintaining physical and mental wellbeing, promoting active lifestyles and preventing age-related diseases.

Medical breakthroughs and technological advancements have improved the diagnosis, treatment and management of age-related conditions.

"Mental health issues among older adults are receiving more attention, leading to improved understanding, increased access to mental health services and reduced stigma surrounding mental health challenges in older people," she said.

"Society is challenging ageist stereotypes and recognising the value and contributions of older individuals, embracing intergenerational connections and promoting age-inclusive environments to foster a more positive and respectful perspective on ageing."

She said the widespread adoption of technology is transforming ageing, enabling better connectivity, access to information and services, remote healthcare monitoring and social engagement opportunities.

"There is a recognition that ageing is not a homogenous experience, with differences based on socioeconomic status, cultural background, gender, differing abilities, and other factors leading to efforts to address health disparities and promote equity in ageing.

"There has been a shift in retirement patterns, with some individuals choosing or needing to work longer.

“Others are pursuing different career opportunities in their later years, challenging traditional notions of retirement.

“There is a growing trend towards enabling older adults to age in their own homes, through various support services, AgeTech® and assistive technologies, and community-based programs promoting independence and autonomy.

“As the senior population grows, AgeTech® is fast becoming the way to help people who choose to stay at home.”

Ms Parkinson said sensors and smart home devices, such as Alexa and Google Home, create a safer environment for them.

"Voice driven technologies can assist older people by turning on and off lights, controlling room temperature, securing the home, and answering the front door," she said.

"This technology can also offer a sense of social connection with its ability to play music and familiar radio programs, make and receive calls and messages, and answer questions such as 'What is the weather today?'"

Ms Parkinson has received the prestigious Ageing Asia Global Ageing Influencer Award 2023 for her commitment to improving quality of life worldwide.

It was presented at Singapore's Marina Bay Sands Hotel during the 11th Asia Pacific Eldercare Innovation Awards ceremony.

The award, given annually by Ageing Asia since 2018, recognises individuals who have made notable contributions in ageing focused programs, services or innovations.

"This acknowledgement is gratefully received, and emblematic of the importance of modern ageing depicting an undeniable, international growth sector," she said.