The Longevity Economy Principles: igniting 35 organizations to build the foundation for a financially secure future
The Longevity Economy Principles set the groundwork for supporting an ageing demographic. Image: Pexels/Andrea Piaquadio
- By 2050, there will be 2.1 billion people over 60 years old and most people globally will outlive their retirement savings by between eight and almost 20 years.
- An ageing demographic will impact the social and economic fabric with current structures in place and risks each government running a gross domestic product deficit of 9.1% by 2060.
- Over 35 leading organizations have shown support for the Longevity Economy Principles and are committed to taking action within their organizations to support healthy, prosperous, multi-stage lives.
The impact of the Longevity Economy Principles.
In 2020, 1 billion people were aged above 60. By 2050, this number will have more than doubled to 2.1 billion. For individuals to thrive in their longer lives, an intentional focus on financial resilience and a societal transformation on how businesses, governments, civil society and individuals understand and view ageing is essential.
In support of this goal, the World Economic Forum’s Longevity Economy initiative has established six longevity principles to address the demographic and financial realities of global ageing.
The principles focus on how societies can ensure all individuals meet their financial needs, enjoy a healthy life, access employment and learning opportunities and live purposefully at each stage.
The Longevity Economy Principles tackle these challenges by defining the necessary actions societies and economies must take to prepare for the coming demographic transformation.
Over 35 leading organizations have shown their support for the Longevity Economy Principles and have committed to taking action within their organizations to support healthy, prosperous multi-stage lives. These include organizations across the public and private sector, as well as academia and civil society – companies including like Mercer, Manulife, Blackrock, Bank of America, HSBC, Allianz, the European Commission, Stanford Center on Longevity, MIT AgeLab, National Coalition on Aging, and Phoenix Insights.
What is the challenge with global ageing?
Demographic ageing is profoundly affecting the global economic and social fabric. While longer life expectancy is remarkable, countries and individuals cannot fund these extra years.
“We must create a society where everyone, regardless of age, can thrive and enjoy the benefits of demographic change. As we navigate this transition, we must embrace the longevity society and economy.”
”If ageing-related fiscal policies do not change, the average government will run a gross domestic product deficit of 9.1% by 2060, compared to 2.4% in 2025. At the individual level, most people globally will outlive their retirement savings by between eight and almost 20 years on average.
Moreover, policies on ageing widely vary across borders and topics that are perceived to be taboo or delicate to discuss, such as death, money and ageism, while racial, socioeconomic and gender inequalities are at the crux of this conversation.
Our approach to address demographic challenges.
The Longevity Economy initiative convenes global leaders from business, government, academia and civil society to raise the profile of the longevity discussion and promote cross-industry collaboration.
“To attain a certain quality of life in old age, significant efforts are required from individuals, employers, financial services providers, and governments,”
”This global coalition aims to address the growing demographic challenges of an ageing population and the financial implications for the global economy and guide individuals to be resilient in their longer lives.
There are three phases of the initiative:
1. Private sector: Redesigning retirement
The first phase of the initiative focused on personalized life plans, a holistic approach to planning for the 100-year life and private sector solutions such as phased retirement programmes and flexible working options.
2. Individuals: Longevity literacy
The three principles of “longevity literacy” are quality of life, financial resilience and purpose. Together, this literacy empowers individuals to live a healthy and sustainable life with dignity and purpose while building resilience to address the challenges of an evolving world.
3. Public-private partnership: Longevity Economy Principles
The third and current phase aims to expand public-private cooperation and elevate the longevity discussion as a global economic and societal priority through a set of Longevity Economy Principles.
Building a financially resilient society for a globally ageing population is a collective endeavour that requires collaboration alongside the public sector, private sector, civil society and individuals. The Longevity Economy Principles provide a framework where all stakeholders can work together to build a future where all generations lead healthy lives with purpose, financial resilience and social connection.
For each of the six principles below, the Longevity Economy Principles: The Foundation for a Financially Resilient Future report outlines the case for action, provides examples of the principle in practice across different sectors, and details opportunities for public-private collaboration and impact.
- Principle 1: Ensure financial resilience across key life events.
- Principle 2: Provide universal access to impartial financial education.
- Principle 3: Prioritize healthy ageing as foundational for the longevity economy.
- Principle 4: Evolve jobs and lifelong skill building for a multigenerational workforce.
- Principle 5: Design systems and environments for social connection and purpose.
- Principle 6: Intentionally address longevity inequalities, including across gender, race and class.
How can you get involved?
The Longevity Economy initiative is part of the Forum’s Centre for Financial and Monetary Systems.
Companies and organizations are invited to pledge their commitment to the Longevity Economy Principles here.
If you are interested in joining the initiative or learning more please contact us.
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