Issue link: https://maltatoday.uberflip.com/i/1509248
MALTESE and Gozitan families want a dynamic and growing economy that provides for them, for their children's education and future, but also an economy that caters for their parents. Like most EU Mediterranean countries, Malta is experienc- ing a significant demograph- ic change characterised by an ageing population. Driven by improved healthcare and longer life expectancy, the proportion of individuals aged 65 years and more is expected to continue to rise in the coming years. This demographic change triggers challenges such as pension sus- tainability and increased de- mands in healthcare. However, it also presents an opportunity for the development of the sil- ver economy. The silver econ- omy is a term used to describe the economic activities and op- portunities related to the aging population, particularly those aged 50 and above. Extending working careers Malta's success has been at- tributed to its capability of turning challenging times into opportunities. This time it's no different. One of the key aspects of the silver economy is the valuable workforce of experienced and skilled seniors. Many older in- dividuals in Malta are eager to remain active in the labour market. They bring a wealth of knowledge, experience, and a strong work ethic. Recognising this potential, businesses and SMEs should be aided and en- couraged to engage this skilled workforce, by offering part- time, flexible, or consultancy positions to older workers. We need to extend work in- centives to those who have paid enough NI contributions to re- tire at age 61 and would like to work beyond their early retire- ment age. We need to encour- age them to extend their careers and keep their active contribu- tion with their experience and skills. In addition, there is room for further public-private partner- ships that would allow our in- dustries to promote and invest in upskilling and reskilling of our entire labour force. These programs help seniors stay updated in their fields or even explore new career paths, whilst contributing to their eco- nomic independence and social inclusion. Healthcare and wellness The silver economy also focus- es on providing healthcare and wellness services tailor-made towards senior citizens. In Mal- ta, there is a growing market for older generations- focused healthcare services, assisted liv- ing facilities and wellness and fitness programmes which offer exercise classes, specifically tai- lored to senior citizens. These projects do not only enhance the quality of life for our older individuals through social in- teraction but also create more opportunities for entrepreneurs and healthcare providers. Silver tourism The potential of the silver economy extends into the tour- ism sector. More and more sen- ior citizens are using their time to do what they always wanted: to travel and enjoy new experi- ences. In line with our ambition to target better quality tourism, our hospitality providers should do well to cater for older, usu- ally more affluent guests, ensur- ing accessibility, comfort and safety. These include leisure cruises, guided heritage tours and well- ness retreats designed for senior citizens. Malta can also be a retirement destination for senior citizens particularly those living in the northern part of the European continent. Technological innovation The increasing level of digital literacy across generations can be pivotal for the growth of the silver economy. Smart home technologies, Artificial Intelli- gence (AI), and services focused on health monitoring play a crucial role. Malta can be the jurisdiction of choice for start-up compa- nies that are willing to invest in prototyping, development and testing of such products and services. Seniors might sometimes feel apprehensive towards new technologies. Digital literacy programmes held in the com- munity which empower seniors to master digital services are paramount. We should also ad- dress these challenges by invest- ing more in customer support professionals and train them to assist seniors. Such initiatives will keep our elders to stay en- gaged and connected, reducing feelings of isolation. A silver economic asset The European Commission predicts that the silver econo- my's contribution to GDP will reach €6.4 trillion and employ 88 million people across the continent by 2025. This is noth- ing short of 32% of European GDP and 38% of the Union's employment. Numbers speak for themselves, senior citizens are a huge economic asset criti- cal for the growth of the broad- er European economy. The silver way forward The silver economy in Malta is a growing and dynamic sec- tor with massive potential. As the country's population keeps ageing and changing, there's a growing awareness among the government, businesses, and community about how impor- tant it is to tap into the knowl- edge and skills of the older gen- erations. This isn't merely about pro- moting economic growth; it's also about enhancing the overall quality of life for older residents and enhancing inclusiveness as we create a better economy which benefits everyone. 6 maltatoday | SUNDAY • 8 OCTOBER 2023 OPINION Steve Ellul is a financial analyst Steve Ellul Silver economy in Malta: A growing opportunity OPINION Like most EU Mediterranean countries, Malta is experiencing a significant demographic change characterised by an ageing population