Longevity has evolved from a mere biological phenomenon into a significant megatrend, shaping mainstream society, Maryann Umoren Selfe writes in her essay for finews.first.
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Around the world, people are living longer. Over the last century, the average global life expectancy has more than doubled—from 32 years in 1900 to just over 70 years in 2021. Through medical progress, enhanced healthcare systems, and greater wealth and food availability, humanity has significantly extended its lifespan. This shift toward increasing average life expectancy and living longer introduces both opportunities and challenges, impacting society at multiple levels.
With increased longevity, there is a cultural shift in attitudes toward aging. In the fashion industry, older models are no longer a rarity and have gained mainstream acceptance, even achieving celebrated status. Take Daphne Selfe, the British model who began her career in the 1950s. Her resurgence at 70 years old in the 1990s truly stood out. Since then, she has become an icon in the fashion industry, gracing runways, magazine covers, and high-profile campaigns. Or take the 57-year-old microbiologist-turned-style icon, Greece Ghanem, who, in a space of a few years, has gained over 1.7 million followers on Instagram.
«This cultural movement challenges stereotypes of aging»
The concept of «aging gracefully» has gained traction, encouraging individuals to embrace and enjoy their later years. This cultural movement challenges stereotypes of aging by promoting active lifestyles, hobbies, and meaningful engagement for older adults. This shift brings several benefits.
Firstly, it broadens societal perspectives on beauty and success, allowing for more diverse role models in industries such as fashion, entertainment, and beyond. Secondly, it encourages older adults to lead fulfilling, active lives, contributing to better physical and mental well-being. Furthermore, by embracing their later years, older adults can share their wisdom and experiences with younger generations, fostering intergenerational relationships.
This promotes a culture of learning and mentorship, which is invaluable for personal and professional growth. Finally, this shift can also create economic opportunities by expanding markets and industries catering to older consumers, thus benefiting both individuals and society at large.
«Pension systems are feeling the impact of increased longevity»
While extended lifespans offer opportunities, they also present economic challenges. The strain on healthcare systems is particularly notable, as longer lifespans lead to an increase in chronic diseases like diabetes, heart disease, and arthritis. Between 1960 and 2022, healthcare spending in the U.S. as a percentage of GDP more than tripled, and by 2031, healthcare spending in the U.S. is expected to be almost 25 percent of the nation’s gross domestic product, up from 17 percent in 2022.
In Switzerland, the KOF Swiss Economic Institute predicts that healthcare expenditure as a proportion of GDP will remain stable at 11.5% until 2025, with the cost of prevention, administration, and rehabilitation expected to climb at much higher rates between 2022 and 2025.
Pension systems are feeling the impact of increased longevity, with extended payouts needed to support a growing elderly population. This strain demands reforms and strategic adjustments as pension systems adapt to accommodate longer retirements. Insurance companies also face challenges, having to adjust their premiums to account for extended lifespans and the resulting increase in healthcare demands.
«The rise of biohacking reflects a cultural shift toward proactive health management»
The longevity trend has led to a surge in innovations aimed at reducing healthcare costs and promoting healthier lives. Companies are developing new products and services to manage chronic diseases, improve wellness, and support older adults in living longer, healthier lives. Telemedicine, digital health tools, and personalized healthcare approaches have emerged, offering solutions that increase access to care and reduce costs.
At the same time, the rise of biohacking reflects a cultural shift toward proactive health management, empowering individuals to actively pursue longer, healthier lives. This movement intersects with innovations in science and technology, offering new tools and approaches that further enhance the potential for longevity. As this trend gains momentum, it not only influences individual lifestyles but also drives broader changes in healthcare, wellness industries, and society.
«Adapting to this trend requires balancing the benefits of longer lives with the challenges they present»
Longevity has evolved from a mere biological phenomenon into a significant megatrend, shaping mainstream society. Modern advancements in science and technology have contributed to increased life expectancy, catalyzing cultural shifts, economic challenges, and new opportunities.
Adapting to this trend requires balancing the benefits of longer lives with the challenges they present, fostering a society that not only celebrates longevity but also supports extended lifespans with sustainable systems and innovative solutions.
Maryann Umoren Selfe is Head Investment Solutions at Banque Internationale à Luxembourg Suisse and writes in a personal capacity. Opinions expressed do not represent the opinions of BIL or BIL Suisse.
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