Everyone knows it's just no fun getting old. Not only that, it's also bad for the global economy, according to a new report—Global Aging: How Companies Can Adapt to the New Reality—released last month by The Boston Consulting Group.
And BCG says companies can't sit idly by if they want to effectively manage the effects that global aging will have on their workforces and their customers.
The report points out that people are living longer and having fewer children. As a result, the "dependency ratio," which measures the number of people aged 65 and older for every 100 working-age people, rose from about eight in 1950 to 12 in 2010—and could top 25 by 2050.
Jan Willem Kuenen, a BCG Partner and co-author of the report, says we are witnessing the "development of a new demographic equilibrium that will have social, political, and economic ramifications" centered among labor, growth, capital, and consumer needs.
But Kuenen is quick to point out that "despite the risks, there are many opportunities to be seized as well."
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