As the global population rapidly ages, the concept of age-friendly cities is gaining prominence. These cities aim to enhance the quality of life for older adults, irrespective of their physical or cognitive abilities.
Discover how age-friendly cities bring forth economic and social benefits in an era where meeting the needs of older generations is paramount.
Economic Benefits of Age-friendly Cities
Age-friendly cities can offer a multitude of advantages, including the potential for increased tax revenue. By investing in infrastructure and services that cater to the needs of older adults, cities can attract businesses that specialise in serving this demographic.
- These businesses may include developers of senior housing, providers of home modification services, and companies offering ageing-in-place solutions. As a wealthy generation ages, the purchasing power of older adults remains strong, solidifying their position as an influential consumer segment.
- Establishing age-friendly cities offers a chance for urban areas to capitalise on this market, bolstering their economy while simultaneously fostering the well-being of their older inhabitants. This approach recognises that older adults don’t necessarily gain more means as they age, but rather, it is the ageing of an already affluent generation that maintains their financial significance.
- Age-friendly cities can potentially reduce healthcare costs by providing affordable and easily accessible healthcare services, with an emphasis on preventive care. This approach can lead to a decrease in chronic health conditions, not only alleviating the strain on the strain on the healthcare system but also generating additional tax revenue for local governments.
Furthermore, creating a community that caters to a diverse range of senior needs can encourage older adults to remain in the area longer, resulting in increased tax income, consumption, and local commerce. As such, developing an age-friendly city becomes a cost-effective strategy benefiting both older adults and the broader community. It is essential to recognise that attaining an age-friendly city may necessitate multiple rounds of planning and implementation to ensure that older adults’ needs are comprehensively addressed, with prevention being a critical component.
Economic Benefits: Attracting Retirees and skilled workers
An age-friendly city can also offer a range of economic benefits. Cities that offer a high quality of life in retirement can attract retirees who have significant purchasing power, creating new economic opportunities for local businesses.
Moreover, an age-friendly city can attract and retain a highly skilled workforce. As the baby boomer generation retires, there is an increasing need for skilled workers in fields such as health care, education, and finance. By supporting senior people to continue working and contributing to the economy, age-friendly cities can address this need for skilled workers.
Social Benefits of Age-friendly Cities
Age-friendly communities offer essential social benefits, including the promotion of social connections and the reduction of social isolation among older adults. By creating a welcoming and inclusive community for people of all ages, age-friendly cities help mitigate the risk of social isolation and loneliness.
Moreover, these cities foster intergenerational connections and learning through accessible public spaces and programs. These opportunities for older adults to mentor younger generations and vice versa promote social cohesion, community building, and personal growth for all community members.
Junoverse’s Role in Age-friendly Communities
Junoverse plays a pivotal role in supporting age-friendly communities by enhancing the health, happiness, and engagement of the ageing population. With its customized ecosystem of solutions designed to enhance age-friendliness, Junoverse assists companies and governments in creating a society that is healthy, engaged, and productive.
Scalability, interoperability, and multi-stakeholder engagement are critical elements that drive the success of these efforts. By investing in the well-being of older adults, Junoverse promotes age-friendly cities, demonstrating its commitment to corporate social responsibility, diversity, and inclusion.
For more insights, watch the video below, powered by WHO, explaining how age-friendly cities benefit everyone.