Southeast Asia is experiencing a rapid demographic shift with a burgeoning elderly population, presenting significant economic opportunities and pressing challenges for its member states. According to the latest estimates, the number of individuals aged 65 and above has surged from 39.3 million a decade ago to 56.2 million, driven by declining fertility rates and increased life expectancy. This article highlights how various ASEAN nations adapt to this "silver tsunami" and create markets around this demographic.
Key Trends
Accelerated Aging: The elderly population in ASEAN has grown more than four times faster than the total population between 2016 and 2022, outpacing many developed countries.
Policy Adaptation: ASEAN member states recognize the need for urgent investment in healthcare, education, and social protection systems to support their aging populations.
Healthy and Active Aging: ASEAN promotes strategies to encourage healthy, active, and productive aging, aiming to delay the onset of diseases and disabilities, thus enabling seniors to continue contributing to their well-being.
Country-Specific Adaptations & Opportunities
Thailand
With the highest proportion of older persons in ASEAN (13.4% as of 2023), Thailand has implemented universal health coverage schemes to improve access to essential health services. The country also utilizes a strong network of village health volunteers to provide basic support in rural areas, effectively integrating aging services into broader public health programs.
Opportunities: Expansion of geriatric healthcare services, development of specialized eldercare facilities, and creation of age-friendly tourism products.
Singapore
Leading the way with a retirement age of 64 by 2026 (and a re-employment age rising to 69), Singapore is focused on incentivizing active aging through programs like Active Ageing Program or Active Ageing Centers. The nation also offers innovative retirement income schemes and comprehensive care programs such as the Central Provident Fund (CPF) Life Scheme and the Silver Support (SS) Scheme.
Opportunities: Development of advanced retirement living solutions, innovative FinTech products tailored for seniors, and expansion of lifelong learning and community engagement programs.
Malaysia
Cities like Penang Island and Sibu are recognized by the World Health Organization’s Age-Friendly Cities and Communities network. The country is exploring the integration of technology to address the specific needs of the elderly, aiming to support independent living and reduce the strain on family caregivers.
Opportunities: Investment in age-friendly infrastructure, technology solutions for eldercare, and the expansion of geriatric care services.
Challenges & Considerations
Pension Coverage: Despite efforts to expand pension coverage, challenges remain due to varying coverage rates and benefit adequacy across ASEAN countries.
Healthcare Access: Ensuring equitable access to healthcare services for the elderly, particularly in rural areas, remains a significant challenge for many ASEAN nations.
Social Support: Strengthening social support systems to alleviate the burden on families and promote the well-being of older individuals requires concerted efforts and resources.
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Source: The Nation Thailand
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