In the field of senior economics, the average age of successful entrepreneurs is 45. Entrepreneurs in their 50s are 1.8 times more likely to build high-growth companies than founders in their 30s! Integrating older adults into economic activity is crucial for sustained growth. When fewer seniors participate in the labor market, economic growth inevitably slows.
I advocate for businesses and governments to harness the “longevity dividend”—the productivity benefits offered by older workers. This can enhance the purchasing power of older consumers, foster greater social inclusion, and improve the health and well-being of the elderly.
My original research involves collaborating with major corporations like the Financial Times (London) and Nikkei (Tokyo) to host global conferences, and working with government agencies in China, France, Germany, Japan, the Netherlands, and Singapore. I have also partnered with international organizations such as the OECD, the World Economic Forum, and the United Nations, sharing insights with large enterprises like Dow Jones, Zurich Insurance Group, Fortune Brands, and the Shin Kong Group. These entities recognize that demographic shifts can bring positive change to businesses, economies, and societies.
A simple truth underpins all this work: everyone wants to be part of something, to belong, to be seen as normal—even if not extraordinary. Everyone seeks purpose and the chance to contribute to something greater. This universal desire transcends age, geography, and economic status. In fact, as human lifespans extend, this need for purpose likely becomes even more critical.
This sense of belonging is not confined to specific social, religious, or racial groups. It’s woven into the fabric of society—being viewed as a productive member, a vital cog keeping the engine of humanity running. We find value not only through paid work but also via unpaid contributions like caregiving or volunteering.
Fulfilling this fundamental need for belonging will become increasingly important in this era of super-aging. Alarmingly high suicide rates among older men, particularly those over 85, are often linked to a lack of purpose. Each suicide represents an immense cost, exceeding a million dollars largely due to lost productivity, aside from the profound personal tragedy. National costs related to suicide approach hundreds of billions of dollars annually—a significant portion of which could potentially be mitigated through intervention.
Some companies are addressing this need for purpose. Jeff Tidwell’s startup, Next for Me, helps people navigate life and career transitions to find meaning. Social platforms like Paul Long’s ProBoomer and Elizabeth Ribon’s NEXT help inspire resilience and a sense of value in seniors. Non-profits like Marc Freedman’s Encore.org advocate for the active participation of people over 50 in their communities, allowing them to share their experience. These organizations meet the growing desire among older adults to have their contributions and needs recognized.
Enhancing the economic security and employability of older adults also requires bridging the digital divide. Digital literacy is essential for full participation in modern life. The COVID-19 pandemic highlighted this urgency, as work and social interactions shifted online.
My friend and former AARP colleague, Ramsey Alwin, now CEO of the National Council on Aging, powerfully advocates for the economic inclusion of older adults. She long used the term @eldernomics on social media, encapsulating the mission to “enhance the economic security and employability of seniors.” This term perfectly captures the core theme: valuing people at all life stages to build a more vibrant, equitable society where individuals, businesses, and governments can thrive in this new era of super-aging. A key part of achieving this is ensuring universal access to digital skills, lifelong education, and training.
The rapid growth of U.S. online shopping underscores this need. Companies like Carevovacy, GetSetUp, Senior Planet, and OATS (Older Adults Technology Services) are helping seniors become confident technology users through in-person and remote classes, fostering peer connections. Other companies, like Vodafone’s German service Silberdraht, develop accessible technologies to connect seniors not comfortable with smartphones to essential online services and information. Solutions must be tailored to local contexts.
Furthermore, entrepreneurship among those aged 55-64 is growing significantly. While this demographic represented only 15% of new entrepreneurs 25 years ago, the Kauffman Indicators of Entrepreneurship show this proportion surged to nearly a quarter by 2016. U.S. Bureau of Labor Statistics data also indicate that individuals over 65 are more likely to be self-employed (around 16%). This growing demographic is vital not only for their participation outside traditional labor metrics but also because their ventures often outperform those of younger founders.
Currently, the average age of successful entrepreneurs is 45. A 50-year-old founder is 1.8 times more likely to build a high-growth company than a 30-year-old founder, while founders in their early 20s have the lowest odds. Despite this, older entrepreneurs often face greater challenges in securing funding, exacerbated by prevalent age bias. The well-known venture capitalist Paul Graham once joked that his cutoff for evaluating entrepreneurs was age 32. One must ask: how forward-thinking is that stance?