The process of aging is inevitable for each of us. Regardless of the significant advancements in medicine or technology, old age awaits every human being. Currently, an increasing portion of the population has the chance to reach late life, and this percentage continues to rise. Until the end of the 19th century, life expectancy did not exceed 40 years in any region. In the mid-20th century, global life expectancy reached 46.5 years, and in Europe, it was 62.8 years. By the year 2000, glo- bal life expectancy had increased to 66.5 years, and in Europe, it was 73.5 years. In 2021, these figures were 71 and 77 years, respectively (Our World in Data, 2024). It is expected that by 2050, the average life expectancy will be 77.2 years. In 2022, the share of people over 65 years old in the global population was 10%. It is estimated to rise to 16% by 2050, and it should be noted that further population growth is projected, reaching 9.7 billion people by 2025 (United Nations Department of Economic and Social Affairs, Population Division, 2022).
The increase in life expectancy is the result of many factors, including medical progress leading to reduced infant mortality, the invention of antibiotics and vaccines, greater diagnostic and treatment capabilities for diseases, fewer wars, epidemics, and periods of famine, better living conditions, increased agricultural productivity, and greater health and nutritional awareness among people. Over time, the extension of life expectancy has been accompanied by another phenomenon: a dec- line in the number of births and thus a decrease in the proportion of children and youth in the total population. The most important factors contributing to this situation include changes in lifestyle and life models, including increased opportunities and desires for education and career development among women, which delay the decision to have children and affect their number, urbanization, which is associated with a decrease in living space and its availability, limited access to support networks, increased access to and awareness of family planning and contraceptive methods.
The occurrence of these phenomena simultaneously is referred to as population aging. The World Health Organization defines population aging as the result of a sustained decline in the fertility rate and an increase in average life expectancy, resulting in an increase in the number and proportion of people over 60 years of age (WHO, 2010). This leads to a situation where, for the first time in history, many countries experience a demographic pyramid inversion. In many countries, the base of the pyramid, representing children and youth, is narrower than the top containing data on older people (Cizelj, 2022). This is undoubtedly a unique situation in human history. Population aging is a demographic process that primarily affects highly developed countries. According to the Organisation for Economic Co-operation and Development (OECD) for the year 2022, the countries with the oldest populations are Japan (29% of the population aged over 65), Italy (23.95%), Portugal (23.79%), Finland (23.16%), Greece (22.8%), Croatia (22.63%), Bulgaria (22.56%), Slovenia (21.32%), France (21.11%), and Latvia (20.93%) (OECD, 2023). Various estimates suggest that the countries where the aging process will progress most intensively include South Korea, Japan, Italy, Spain, China, Greece, Portugal, and Poland (Jones, 2020).
The process of population aging is dynamic and will continue in the coming decades, leading to further social and econo- mic transformations. Regions particularly affected by these changes are East Asia and Europe. Discussions and debates on demographic changes caused by extended life expectancy while maintaining a low fertility rate are already underway in many Asian and European countries. This inevitably leads to changes in the perception of older people. Seniors are still often perceived as delicate, vulnerable, and dependent. The increasing number of older people raises concerns about the capacity of the healthcare system, medical services, the pension sector, and ensuring sufficient revenues to cover these services. Population aging also results in uncertainty about maintaining the level of work productivity and, consequently, competitiveness in the global market. These concerns are related to a reduced propensity for risk-taking and innovation among seniors (Szukalski, 2012). Nevertheless, seniors are increasingly being perceived differently as individuals who can lead active lives, participate, and contribute to local communities, workplaces, and society in general. Changes in the perception of aging in the social sphere have also been accompanied by a modification of perceptions in the economic sphere. The potential and possibilities inherent in senior workers, consumers, local and regional actors have begun to be recognized.
Silver economy concept
In the context of the discussed changes, with the additional motivation of seeking ways to sustain the current economic growth, the concept of the silver market and the silver economy has emerged. Despite its name, the silver economy is not a separate economic entity or a new type of economy; rather, it encompasses all activities, products, and services dedicated to older people. In the report „The Silver Economy” prepared for the European Commission, the silver economy is defined as the sum of all economic activities serving the needs of people aged 50 and over, including the products and services they directly acquire, as well as the further economic activity generated by these expenditures (European Commission, 2018). It is worth noting that most international institutions such as the Organisation for Economic Co-operation and Development (OECD) and the United Nations establish the age threshold for older persons at 65 years (OECD, 2024; UN, 2020). However, there is no universally accepted age threshold for old age, so it is fluid, and one can expect it to change in the coming years due to the increasing number of elderly people.
The concept of the silver economy originated from the situation in which difficulties arose in meeting the needs of seniors by various market actors because the target group for most of them are consumers aged 15-40 years, and only in some cases consumers aged 40-60 years. Initially, the silver economy was equated with the silver market. In some sources, these terms are still used interchangeably, but based on the current state of research, this should be considered incor- rect because the silver market is a narrower concept. It involves adapting goods and services to the needs of seniors. The silver market includes goods and services for affluent older people, special commercial solutions enabling adaptation of work to an aging workforce, ideas of „universal” and „intergenerational” design aimed at adapting goods and services to people of different ages, physical conditions, and mental states, which can lead to social integration (Klimczuk, 2013).
Subsequently, products began to be designed from the outset, even before their introduction to the market, with the needs and preferences of seniors in mind. At this point, the change in perception began to manifest in practice. Seniors became active consumers, treated on equal terms with the rest of society, shaping the supply and quality of products on the market. Over time, the focus also shifted to previously unrecognized needs, and actions within the silver economy also encompassed those related to individual and societal preparation for old age (Szukalski, 2012).
Integral to the concept of the silver economy is the notion of active aging. The European Commission defines it as „hel- ping people to lead their own lives for as long as possible as they age, and, where possible, to contribute to the economy and society” (Eurofound, 2018). However, the paradigm was based on work by the World Health Organization dating back to the 1990s (Klimczuk, 2013). This institution defines active aging as „the process of optimizing opportunities for health, participation, and security in order to enhance quality of life as people age.” This concept applies to both individuals and groups or societies. „Active” refers to ongoing participation in economic, cultural, spiritual, social, and civic matters, rather than just physical activity or participation in the labor market. Among the determinants of active aging cited by the World Health Organization are social, behavioral, economic, personal, health-related, social, and external environmental factors. Gender and culture also have an impact (WHO, 2002).
In 2001, the Age Platform was established with the aim of promoting active and healthy aging. It is currently the largest EU-funded network of organizations representing older people in Europe. The platform comprises 99 members (insti- tutions) from 29 countries. Its goal is to promote a society where everyone has equal opportunities for inclusion and participation at all stages of life. The Age Platform defines its mission as celebrating longevity as one of humanity’s gre- atest achievements, combating ageism, promoting human rights throughout life, reducing inequalities, and ensuring everyone a full and dignified life (Age Platform, 2024).
The silver economy encompasses many activities, among which key areas include:
1.Providing individuals with qualifications, skills, knowledge, and education to continue their careers. Orienting work environments towards knowledge of the best working conditions for an aging workforce. Contributing to improving working conditions for older workers.
2. Ensuring the ability to remain independent for as long as possible. This include providing knowledge about the latest devices and services facilitating daily functioning, such as smart homes, raising awareness of the benefits of smart home solutions for older people, disseminating and integrating information and communication technologies for monitoring healthcare in senior-friendly private homes, helping to overcome social isolation, and improving efficiency in the care sector.
3. Providing individuals with productive uses of their time, such as tailored tourism, education, and recreation.
4. Ensuring integration with society through contact with different generations and social groups.
5. Providing access to financial services tailored to older people, such as advice on securing and utilizing accumulated capital, expenditure and investment planning, and savings.
6. Providing knowledge and promoting active and healthy living, raising awareness of the benefits of such a lifestyle, and encouraging preventive measures instead of treatment.
7. Supporting the concept of lifelong learning and promoting education friendly to older people. Supporting higher education institutions to improve their offerings for older people.
8. Providing space and communication without unnecessary barriers. Developing driverless cars is also essential, as they can help increase the mobility of older people and thus counteract their isolation.
9. Improving silver tourism by adapting this sector to the needs of older people, including offering comprehensive tourism services and promoting tourism off-season.
10. Developing common standards for products and services in the silver economy and improving device interoperability.
11. Encouraging and supporting activities for older people to establish profitable businesses to maintain their activity and engagement in society, provide older people with opportunities to earn income later in life, increase the number of jobs, and increase opportunities for older people to work on solutions tailored to the needs of older people. Raising awareness of the factors influencing the success of entrepreneurship 50+.
It is estimated that in the decade from 2015 to 2025, seniors will contribute up to 50% to the growth of gross value added, around 30% to productivity growth, and 13% to overall employment. Seniors possess knowledge and experience that they are willing and ready to share with younger individuals. Intergenerational cooperation is often the basis for innovation. In such cooperation, competencies complement each other. Seniors may struggle more with using IT and teleinformatics resources, where younger individuals can help them. In enterprises, such conditions fulfill three goals: retaining seniors in the company, enabling younger workers to learn from older ones, and providing cooperation that results in the best outcomes for products and satisfaction for all involved parties.
Actions being taken in Japan
As mentioned earlier, Japan has the highest proportion of elderly people among all countries in the world. The rapid increase in life expectancy has attracted public attention as a social, political, and economic issue. It is predicted that by the mid-21st century, the average age in Japan will reach 57 years, and the population will continue to decline (Kohlbacher & Herstatt, 2008).
The silver market originated in Japan in the 1970s. On August 15, 1973, in honor of Respect for the Aged Day, the Japan National Railway introduced „silver seats” for seniors and disabled individuals for the first time. At the same time, all forms of public transportation in Japan were designated as „priority seats,” and the term „silver” became a popular label for various institutions, activities, and products intended for seniors and serving them. The Japanese silver market continues to evolve and is seen as an opportunity for business rather than a threat. Japan is recognized as one of the countries best at coping with the problem of an aging society. In no other country do politicians, scientists, and businessmen pay more attention to population structure, both past and future trends. Japanese companies were among the first to respond to demographic changes and continue to introduce various innovations (Kohlbacher & Herstatt, 2008).
Japanese people are characterized by their special ability to adapt to new circumstances and adopt new products, services, and technologies. This applies to robotics as well, which will play a crucial role in an aging society. Japan is a major exporter of robots and the birthplace of many innovative ideas in this field. In 1999, SONY released the AIBO robot dog, which turned out to be a tremendous success. It can learn and mature through interactions with its owner and the external environment. Mitsubishi, OMRON, and Matsushita created animal robots that send reminders about taking medication, connected with family members, hospitals, and cultural centers for monitoring. Another successful example is Paro, a robot designed as a small seal. It was developed to reduce stress and tension in people with dementia in nursing homes (Usui, 2008). Currently, the release of new communication robots to the market is not unusual. One of the most popular robots of this type is LOVOT developed by GROOVE X Corporation. Its behavior is not programmed but processed through deep learning and other machine learning techniques. The robot has built-in 360-degree cameras and temperature-sensing cameras, allowing it to observe the entire room and quickly locate its owner. Demand for communication robots is largely satisfied by the Japanese market. According to a survey conducted at the end of 2019, regardless of age, Japanese people accept such robots as good conversation partners (Takagi, 2023).
The ability to adapt also extends to the business sphere, as exemplified by the Keio Shinjuku department store. In response to changing consumer trends and societal dynamics in Japan, the network embarked on adaptations targeted at seniors. To achieve this, the network adopted two strategies: specifying the needs of its target consumers and focusing on distinctive mar- ket practices compared to competitors. To accomplish this, they emphasized innovations in service quality and communica- tion to determine the values and characteristics of existing customers in the long term. Keio stores began to stand out in terms of store size, assortment, innovation, prices, and purpose – they were medium-sized stores for seniors with typical goods at medium prices with invisible innovations (Enomoto, 2008). In 2014, Fujitsu was recognized as one of the companies with the gre- atest motivation to work on creating new technological products to assist older people in their daily lives (Gschwendtner, 2020).
In 2012, Shinzo Abe became the Prime Minister of Japan, and his government formulated the concept of Abenomics. Its aim was to revitalize the Japanese economy, which had stagnated due to the 1997 Asian crisis. Within its framework were also actions addressing the aging population. Additionally, the Japanese government promotes cooperation between the government, the scientific community, and industry for the strategic application of research and development based on a problem-solving approach. The main areas of the silver economy promoted by the government are artificial intelligence, robotics, and telecommunications. However, the government does not focus on policies regarding silver tourism, fashion, media, cosmetics, financial services, or insurance (Gschwendtner, 2020).
The significance of nonprofit organizations dealing with issues important to seniors is also growing. An example is neighborhood associations (Japanese: chonai-kai). They bring together about 300,000 groups throughout Japan and are the most numerous organization of this type in the country. They provide a forum for contact for the population resi- ding in a given area, which for many individuals brings health benefits resulting from social connections. Additionally, close relationships with peers provide an opportunity for earlier detection of health problems and irregularities. Associations are strong actors at the regional level but have little influence on national policies (Vogt, 2008).
Action taken in Europe
If we were to treat the European silver economy as an independent state entity, it would be the third largest economy (after the United States and China) (European Commission, 2018).
According to the mentioned report by the European Commission, in 2015, there were 199 million people above the age of 50 living in the European Union, accounting for 39% of the total population. Together, they spent 3.7 trillion euros on goods and services, with 90% of these expenditures financed privately. The silver economy in 2015 accounted for over 4.2 trillion euros of gross domestic product and over 78 million jobs. Outside the European Union, the silver economy gene- rated revenues of around 780 trillion euros for companies and accounted for 18.6% of gross domestic product. It is esti- mated that consumption within the silver economy in the European Union will grow annually by 5%, reaching 5.7 trillion euros by 2025. Gross domestic product is projected to reach 6.4 trillion euros, and the number of jobs is estimated to be 88 million, representing 31.5% of the European Union’s gross domestic product and 37.8% of all jobs, respectively. The number of people above the age of 50 is expected to reach 222 million in 2025, accounting for 44.3% of the entire popula- tion of the European Union (European Commission, 2018).
According to projected demographic trends in both Europe and North America, by the end of the 2030s, the population will begin to decline. This will be due to low fertility rates, which have been below 2 births per woman since the 1970s, as well as high emigration rates in some countries (United Nations Department of Economic and Social Affairs, Population Division, 2022). In most countries, there is a pattern where the share of the silver economy in the total population is similar to its share in pri- vate consumption. In the private sector, half of the expenditures within the silver economy are allocated to housing and media, food, beverages, and transportation. Contrary to stereotypes, expenditures on services supporting older people accounted for only 1.3% of private consumption. The low share of these services, as well as healthcare and caregiving services, largely stems from the provision of these needs by the public sector. The authors of the report predict that the share of private consumption in the silver economy will increase and reach 44.3% of total private consumption by 2025 (European Commission, 2018).
In Europe, the approach to the issue of an aging society initially focused on maintaining public expenditures in healthcare, care, and the pension system in both the short and long term. Over time, this issue began to be treated more comprehensively, shifting the focus towards the possibilities associated with the development of technology, social innovation, and identifying cross-cutting solutions aimed at improving the overall health and well-being of older people (European Commission, 2018). In 2007, the European Commission recommended the development of the silver economy, recognizing it as offering many opportunities for economic growth (European Commission, 2007). The presented data concerns all countries belonging to the European Union. Trends in both population aging and the development of the silver economy are not uniform across all countries. For example, it is estimated that the silver economy in Romania will grow faster than in other countries. The silver economy is also rapidly developing in Cyprus, albeit due to the activities of the public sector (European Commission, 2018). Old EU member states, except for Ireland, are characterized by a concentration of the population aged 30-45 and an increase in average life expectancy. Countries in the Mediterranean region, Germany, and Austria are experiencing a decline in the share of young people, which is not offset by the number of immigrants. Northwestern countries show a smaller trend of decline in the number of young people and a high immigration rate. In Eastern countries and Ireland, the population is dominated by those aged 45-55 and 20-35, but the number of the latter group is decreasing due to emigration to Western Europe (Klimczuk, 2016).
In the case of some countries, the emphasis is placed not so much on the need as on the necessity of creating or develo- ping the silver economy. One such country is Romania. Similar to other European nations, the trend of an aging society also exists in Romanian society. It is predicted that by 2040, Romania will have the largest senior population in the European Union. Already, there are indications of the vulnerability of the social care system and the financial sector due to relatively low wages and a large proportion of employment in the informal economy (Popescu, Predescu & Oancea-Negescu, 2013). The situation of seniors also does not look favorable due to low pensions, leading to limited consumption possibi- lities for goods and services as well as savings. Consequently, consumption differs compared to Western countries, where a significant portion of Romanian seniors’ income is allocated to food, medicine, and medical services (Popescu, Predescu & Oancea-Negescu, 2013). Due to centrally planned economies, turbulent systemic transformations, and low pension levels, Romanian seniors have significantly less accumulated capital than their counterparts in developed countries. Nevertheless, their expenditures in 2016 amounted to approximately 30 trillion Euros (Dragusin, Sirbu, Grosu & Iosif, 2017).
Within the silver economy, seniors are not only consumers but also workers, employers, entrepreneurs, investors, volun- teers, and philanthropists. In the United States, especially the latter two roles are more popular among older people than the younger generation. The number of entrepreneurs among older individuals is also growing. Between 2006 and 2016, they accounted for about one-third of all entrepreneurial ventures, with those aged 55-65 being the most active. In Romania, due to the centrally planned economy, the number of entrepreneurs, self-employed individuals, and elderly business owners is lower than in the United States or other highly developed countries with greater experience and tra- ditions in social integration. Barriers also include low pensions and incomes, as well as the absence of entrepreneurship elements in school education during the communist era. Despite these adversities, senior entrepreneurs are characteri- zed by optimism, self-assurance, and perseverance. The main reasons for starting a business were the experience accu- mulated over the years, surpassing that of young individuals, the desire to provide a better future for their children, and the acquisition of an additional source of income. The surveyed entrepreneurs did not feel discriminated against because of their age; moreover, they considered it an advantage (Dragusin, Sirbu, Grosu & Iosif, 2017). This brief overview of the development and obstacles of the silver economy in Romania is more or less applicable to many countries of the former Eastern Bloc. Nevertheless, senior entrepreneurship remains a positive and promising example.
The situation is better in countries that introduced appropriate policies for seniors earlier. An example is France. In 2013, the government proposed actions to build a silver economy aimed not only at meeting the needs of seniors but also sti- mulating innovation, competitiveness, economic growth, business development, and job creation. In 2013, there were over 1400 companies and institutions operating within the silver economy, with the main areas of activity being individual services (238 companies and institutions), health (207 companies and institutions), technology (186 companies and insti- tutions), other autonomous products (166 companies and institutions), professional services (160 companies and institu- tions), distribution/information (118 companies and institutions), and housing (103 companies and institutions) (Laperche, Boutillier, Djellal, Ingham, Liu, Picard, Reboud Tanguy & Uzunidis, 2019). France is one of the few countries (alongside Japan, Sweden, Norway, Finland, and Spain, among others) where a government department dedicated to seniors has been established (Cizlej, 2022).
In the Paris region, Silver Valley has emerged as a French cluster bringing together public and private entities. It is a unique place in Europe aimed at stimulating the development of innovative economic activities tailored to the needs of older people, promoting better aging, and creating economic growth and employment in the Ile-de-France region. It gathers over 300 organizations, 4500 professionals, and 9000 seniors aged 60 to 90 who operate within the silver economy. Its members are divided into four colleges. The first consists of providers of goods and services that meet the needs of older people (startups, small and medium-sized enterprises, international companies producing solutions for older people). The second comprises innovation partners who support the aforementioned companies (scientists, investors, service providers, development agencies). The third college consists of funding partners for companies (both private and public entities). The fourth college includes user representatives who are in direct contact with seniors (public authorities, nursing homes, assisted living facilities, home care services, senior groups). By 2022, this community had carried out over 1500 projects (since 2013) and organized over 70 different events (Silver Valley, 2024; Silver Valley, 2022).
In 2020, the income generated within the silver economy in France amounted to 130 trillion Euros. In 2019, one in five people in France was above 65 years old. By 2030, every second person will be above 50 years old, and 30% will be above 60 years old. In 2016, the standard of living for seniors was higher than the national average standard of living for the entire popula- tion. By the end of 2016, there were 74,340 accommodation centers for dependent older people in France, offering 605,000 places, and 22,274 day care places providing individualized support for disabled older people (Business France, 2020). In 2020, over 1000 facilities offering amenities for older people provided access to numerous services, including communal dining. France also has several laboratories dedicated to the silver economy. For example, Solidages is a medical research laboratory operating in a university hospital in Nice, which sells Protibis, a new high-protein dietary supplement in the form of a biscuit to help gain weight. Another example is Aroma Celte, a laboratory producing and selling innovative dietary supplements containing essential oils, massage oils, sprays, marine cosmetics, and seaweed-based dietary supplements. France ranks second globally in terms of the number of clinical trials in gene therapy and oncology (Business France, 2020).
There is significant potential for the development of the silver economy in the Nordic countries. For example, they boast a higher-than-global-average life expectancy, high health indicators, levels of activity, well-being, employment, and social participation. There is also a trend towards increasing employment among older age groups in many Nordic countries, which may be linked to reforms in pension systems implemented in several countries. Nordic seniors exhibit higher life satisfaction compared to their peers in other European countries. They also spend more time on physical activities and education and are the most proficient in using information and communication technology (Nordregio, 2021).There is significant potential for the development of the silver economy in the Nordic countries. For example, they boast a higher-than-global-average life expectancy, high health indicators, levels of activity, well-being, employment, and social participation. There is also a trend towards increasing employment among older age groups in many Nordic countries, which may be linked to reforms in pension systems implemented in several countries. Nordic seniors exhibit higher life satisfaction compared to their peers in other European countries. They also spend more time on physical activities and education and are the most proficient in using information and communication technology (Nordregio, 2021).
Many Nordic countries have implemented government programs at both national and local levels aimed at addressing the aging of society. Many regions and municipalities have implemented actions that were geared towards adapting to the challenges and opportunities of current demographic changes. In Sweden’s strategy for sustainable economic growth and regional attractiveness for the years 2015-2020, demographic changes, including the aging of society, are listed as one of the four main social challenges. In Norway, in 2016, the government established a strategy for a society friendly to older people called „More years – more opportunities.” It aims to promote active aging, better utilization of resources held by older people, and foster a friendly attitude towards seniors. This strategy intro- duces the concept of the silver economy along with its definition, which emphasizes improving the quality of life, social inclusion, senior entrepreneurship, and the development of innovative products and services. In Denmark, health policy is oriented towards promoting health, maintaining well-being, and health. This involves creating policies dedicated to specific groups, such as older people. In Denmark, as in other Nordic countries, emphasis is placed on digital solutions in this aspect (Nordregio, 2021).
Promoting active and healthy aging also involves adapting buildings, infrastructure, public transportation, and housing to be accessible to people of all ages and levels of ability, as well as initiatives to increase inclusivity and participation in society. An example is the Network of the Norwegian Association of Local Governments. It is a national network whose mission is to provide information and be a platform for knowledge exchange for municipalities throughout Norway. Additionally, a handbook on the development of age-friendly communities has been developed to provide guidelines for the work of local governments. Moreover, 13 Nordic municipalities are members of the WHO Global Network for Age- Friendly Cities and Communities. These cities include Esbjerg, Tampere, Turku, Reykjavik, Levanger, Oslo, Trondheim, Gävle, Gothenburg, Hallstahammar, Stockholm, Uppsala, and Östersund. Among the examples of implementing the silver economy in the Nordic countries are:
1. „Cultural cane” (Norwegian: Den kulturelle spaserstokken) – This initiative has been around since 2007 and has been funded by the Trøndelag County municipality since 2015. Thanks to it, seniors have wider access to culture and art through events that reflect their daily lives and overall situation (Nordregio, 2021).
2. „Hundred Years in Your Own Home” (Norwegian: Hundreåriegethjem) – originated in the municipality of Melhus. It is based on the idea that citizens should receive help when they need it. This is intended to promote self-care through achievements related to daily activities and a sense of security. Additionally, a safety network has been established, including a comprehensive service point providing the required services and assistance (Nordregio, 2021).
3. Agencies recruiting older workers. In Jämtland Härjedalen (Sweden), there are three such agencies:Veterankraft, Veteranpoolen, and Jämtland senioruthyrning AB. The first two have franchises throughout Sweden, and the third is a local company. Veteranpoolen was the first such company, and since 2007, it has served over 100,000 seniors. Its activities are project-based and focus on areas such as cleaning, painting, construction, and garde- ning (Nordregio, 2021).
4. „Better Life for Sick Elderly People” (Swedish: Bättre liv för sjuka äldre) – this is a nationwide initiative aimed at improving care and nursing for the sickest older people. It operated from 2010 to 2014. Since then, the Jämtland Härjedalen region has introduced „Safe and Secure at Home” – a model of cooperation between municipalities and primary health care aimed at identifying older people with early problems caused by aging, identifying risks and needs through home visits. Further actions in similar areas are planned (Nordregio, 2021).
Barriers to introducing the silver economy in Europe
The silver economy represents a strategic approach and forward-thinking of states and societies to ensure sustainable develop- ment and improve the quality of life for seniors (Szukalski, 2012). However, its development is a long-term process fraught with various limitations and obstacles. One such obstacle is the failure to recognize and utilize the economic, social, and intellectual potential of seniors. Despite ongoing mental and ideological changes related to the aging process or old age itself, achieving a societal trend in this direction is still a long way off. Another significant problem is the lack of awareness among decision-makers about ongoing demographic changes and their consequences. This results in many regulations and policies not being fully adapted to older people, which in itself constitutes a barrier to the development of the silver economy and market (Cizlej, 2022).
Doubts may also arise regarding the issue of costs generated by older people, primarily concerning medical, caregiving, and nursing services. With age, the demand for these services increases, which means that over time, an aging society will require them more and more, potentially leading to overload in the healthcare sector. Some services and goods may be covered by private means, but especially in Eastern and Central European countries, this may not be feasible for the majority of seniors. The development of technology and medicine, as well as the promotion of active aging or a healthy lifestyle, may help, but it will not solve all the possible problems that may arise due to demographic changes associated with aging.
Another barrier, especially in less affluent European countries, could be the incomes of seniors, which, due to the increasing number of seniors, may become more strained (Iwański, 2021). For older people to shape the market for goods and services and have a real impact on it, they need to have adequate financial resources.Other obstacles may include: limiting the offer only to wealthy older people, unfavorable consumption patterns focusing solely on basic needs, limited mobility of seniors leading to isolation and further constraints. The sense of social isolation can have a detri- mental effect on an individual’s health, including increased morbidity and mortality (Klimczuk, 2016; European Commission, 2018).
The aging of society is a process that has permanently become part of demographic trends worldwide. The region particularly affected by these changes is Europe. Countries in this area are responding to these changes to varying degrees. Some governments have already taken action by creating appropriate institutions, documents, or strategies in response, while others do not pursue such policies, whether deliberately or not. However, the silver economy is not only about actions of the public sector but primarily about the private sector. Key to the emergence and further development of the silver economy are changes in the perception of old age and the realization of the opportunities it brings. These transfor- mations lead to the emergence of new patterns or entire branches of goods and services, changes in the labor market, and the development of entrepreneurship by older people. The silver economy is a topic that will become increasingly important in the coming years, especially in terms of practical measures for its implementation. Thus, there is a need to present this concept and possible actions so that it can permeate social awareness and also develop in the European academic environment. Japan is recognized as a country that best deals with the issue of an aging society, primarily due to a significant contribution of innovations and the latest technologies, which are readily accepted and embraced by society, as well as governmental efforts and grassroots initiatives. Therefore, this country can serve as an inspiration for the governments of European countries and the private sector in Europe.
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