Challenges and Opportunities
The report highlights the need for universal health coverage in Asia, particularly for older people. India, with only 21% of its older population having health insurance, needs to expand coverage to meet the growing needs of its aging population. Schemes like Ayushman Bharat have improved access to healthcare, but further expansion is crucial. Financial preparedness for retirement also varies across the region. While India has a high financial preparedness index (73%), there is a significant rural-urban gap.
The report estimates that the economic growth impact of aging will be lower in India due to its young population. However, economies can benefit from a "silver dividend" by employing older people productively. This could boost GDP by 0.9% on average.
Life expectancy at age 60 is expected to rise significantly in the region, with women in India experiencing the greatest increase. This demographic shift necessitates policy changes to support healthy aging and maximize the contribution of older people to society.
A significant portion of people over 60 in Asia lack access to pensions, disproportionately affecting women. This forces many to work beyond retirement age, often in the informal sector with limited protections.
The report recommends investing in health, education, skills, and financial preparedness for retirement throughout life. Additionally, fostering strong family and social ties is crucial for healthy and productive aging. Governments need to prepare now to support hundreds of millions of people in the region as they age.