Tracking the silver economy. A multidimensional approach to aging societies

Abstract

Aging societies constitute the largest demographic trend nowadays globally. This leads to a paradigm shift in the economic model known as the silver economy, bearing economic, societal and environmental consequences. Yet, the silver economy remains largely undefined conceptually from an integrated perspective, beyond the silver market, and unrecognized in official statistics. To enhance visibility, monitor its progress, assist decision making and develop effective social and environmental policy mechanisms, this work introduces (a) a silver economy multidimensional and multi-actor reference framework, where social innovation underlies the societal, institutional, macroeconomic, and individual enablers of the silver economy, as interrelated subsystems, and (b) a composite indicator that summarizes this complex array of information and measures the evolution of the silver economy over time and across countries: the Silver Economy Tracker. The silver economy framework and the proposed quantitative methodology for its assessment can guide public and private interventions that aim to tackle the potential negative externalities from the demographic transition, and foster the economic, environmental, and social opportunities that it offers for the society at large.