Older workers are looking for something more

Consumer demand

SHARE THIS STORY

The Financial Times has kindly printed my letter arguing that we need new policies to help people adapt to their extra decade or more life expectancy.

Sir, There is another angle to Janan Ganesh’s interesting exploration of whether “Liberals risk the charge of complacency” (February 20). This is the question of why the policy elite has failed to go beyond congratulating itself for the successes cited by Professor Steven Pinker in his new book, Enlightenment Now.

Increasing life expectancy is just one example of the policy vacuum that has developed following the vast improvements seen since the second world war. Globally, longevity has increased by 50% since 1950, giving the average person an extra 24 years of life, according to UN Population Division data. In the developed world, life expectancy no longer coincides with retirement age, but instead offers the potential for a decade or more of extra life.

Yet where are the policy changes that would help people to adapt to this unprecedented shift in expectations? Where are the retraining options for people in their fifties and sixties that would help employees take up new careers when they become bored with their existing roles, or physically unable to continue with them? Where are the social policies that would enable them to continue contributing to society? Where are the financial policies to incentivise them to pass on the skills and expertise they have developed to younger generations?

The issue is most acute in the developed world, where the proportion of older people in the 55-plus age range has doubled to 32% compared with 1950. As Mr Ganesh rightly points out, they are looking for something beyond simple economic comfort and the arrival of bus passes and fuel allowances. Liberals should perhaps not be so surprised that their failure to address this critical issue has left the door open for populists to fill the policy vacuum.

Paul Hodges

PREVIOUS POST

China’s role in market volatility - Beijing’s shifting priorities raise questions over assumptions of global growth

19/02/2018

Commentators have confused cause with effect when analysing this month’s s...

Learn more
NEXT POST

Global smartphone sales slide 9% in Q4, as China tumbles 16%

26/02/2018

Global smartphone sales have seen major growth until recently as consumers fell ...

Learn more
More posts
Smartphone market decline begins to impact global stock markets
19/05/2019

The bad news continues for the world’s smartphone manufacturers and their suppliers.  And Pre...

Read
There’s a great future for the European plastics industry in recycled plastic
05/05/2019

Europe’s plastics industry is under major threat from the growing legislative and consumer bac...

Read
$60bn opportunity opens up for plastics industry as need to eliminate single-use packaging grows
17/03/2019

150 businesses representing over 20% of the global plastic packaging market have now agreed to start...

Read
IKEA heads into the circular world with furniture subscription trial
10/02/2019

“Once upon a time, Granny and Grandad used to go to a large shop on the motorway to buy their ...

Read
Fed’s magic money tree hopes to overcome smartphone sales downturn and global recession risk
03/02/2019

Last November, I wrote one of my “most-read posts”, titled Global smartphone recession ...

Read
Global smartphone recession confirms consumer downturn
11/11/2018

Q3 smartphone sales data show the global market in recession, as Strategy Analytics confirmed: “Th...

Read
Trump’s auto trade war adds to US demographic and debt headwinds
06/08/2018

President Trump’s auto trade tariffs are bad news for the US and global auto industry, as the ...

Read
Plastics recycling paradigm shift will create Winners and Losers
17/06/2018

My new analysis for iCIS Chemical Business highlights the paradigm shift now underway in the plasti...

Read

Market Intelligence

ICIS provides market intelligence that help businesses in the energy, petrochemical and fertilizer industries.

Learn more

Analytics

Across the globe, ICIS consultants provide detailed analysis and forecasting for the petrochemical, energy and fertilizer markets.

Learn more

Specialist Services

Find out more about how our specialist consulting services, events, conferences and training courses can help your teams.

Learn more

ICIS Insight

From our news service to our thought-leadership content, ICIS experts bring you the latest news and insight, when you need it.

Learn more