It is understandable that in the vibrant debate about the state of the Bangladesh economy, a lot of focus is given to our demographic dividend in terms of youthful population. But another demographic change is occurring quietly and in tandem; the rapid ageing of our population.
Although this trend is commonly seen through the prism of a social welfare and a healthcare burden, it represents a huge, and rather untapped, economic prospect - the "Silver Hair Economy.'
The age group of citizens between 60 years and more is increasing at the highest rate. This group is not a homogenous dependent group. It consists of decades-long experienced retirees that have their own needs and savings. However, they are not given much attention in our business ecosystem. The attention is too much centred around the young population in product design through marketing strategies. This is a critical oversight.
It has enormous business potential to those who are ready to be innovative. The pharmaceuticals and healthcare industry can come up with more convenient home care products and specialised services. The hospitality industry and real estate can be the first to establish retirement communities and travel packages. Financial sector is an expansive field to operate in; and custom-made products such as reverse mortgages, pension management plans and insurance plans, that are senior-friendly are available.
Moreover, another vital gap that can be addressed by the tech community is the development of user-friendly devices and applications that will allow older adults to take care of their health, communicate with their loved ones, and get support on demand.
Overlooking such demography in business is not only a lost business opportunity but also a form of wastage of good human resources. Some of the seniors would gladly work as consultants, part time mentors or in community jobs, which will add invaluable experience to the working population.
That is why we are calling on our policy makers and the business executives to understand the silver hair economy not as a challenge but as a frontier of inclusive and sustainable development.
The way to open a new driver of economic development as well as to create a more respectful and caring society is by designing products, services, and employment models to serve our senior citizens.
Niaz Mahmud
Dhaka
niaz.mahmud09@northsouth.edu