Graying Population Definition
Graying population is a phenomenon defined as a population dominated by a great number of older people. This is currently happening in countries such as Italy, Germany, Finland, and Japan. In the US, they were able to come up with a term for it – “the graying of America”. It refers to the projection that by 2030, baby boomers will be older than 65 years and this will expand the size of older people in their population. Not far behind is the Philippines as this phenomenon is projected to be prevalent by 2035 to 2040. Why did this come about? In recent years, an increased awareness and focus were placed on public health, medical care, diet, and mental health issues. These factors more likely played an important role to contribute to the occurrence of the increase in the older population despite a great number of deaths during the COVID pandemic. The gap between the younger and older populations has expanded over the years as the older population’s priority for self-care and improving health intensified. Older people were able to transition to a healthier lifestyle and worked towards an acceptable level of work-life balance. Aside from that, advancement in science in the healthcare sector became readily available over the past years giving access to prolonging life.
Life Expectancy vs. Life Span
Life expectancy is defined as the average time an organism may live in relation to its date of birth. Life expectancy at birth is affected by several factors such as gender, lifestyle, and sexuality. Life span, on the other hand, is the maximum age attained by a member of a given population or species. According to the World Health Organization (WHO) in 2015, the global life expectancy of a human is 71.4 years. WHO emphasized that women live longer than men, 73.8 years for females and 69.1 years for males. With the graying phenomenon, a longer life span in humans is expected. The graying population is steadily increasing over the years. The size of the pie occupied by elders is expanding. Families enjoy the presence of their grandparents. Grandparents, in turn, witness the births of grandchildren as well as great-grandchildren.
How Graying Population Affects the Economy
What is the danger of this phenomenon? The world needs to prepare for the graying population growth globally as it has an impact not only on a specific country but on the world itself. Each country has to prepare for it to eliminate or minimize the possibility of unfavorable consequences in its economy. A government that fails to create contingency plans will have to take care of their elders’ needs. The age and physical condition of the graying population are hindrances to their productivity in terms of working for their own living. Hence, the need to devise ways and means to provide for them during this time has to be laid out. The government of the Philippines, for example, would have to strengthen its policies and provisions for senior citizens. Early awareness for the retiring members of the workforce will have to be rolled out to prepare them for life after retirement. Each member of society must be encouraged to participate in ensuring a financially sound existence and positive well-being of the graying population. Members of society should not allow repercussions of this phenomenon to solely rest upon the government’s shoulders. Everyone should take part in ensuring that the economy will not suffer in the years to come. Many adults who reached their retirement age are still very much eager to be productive. The government would have to capitalize on this enthusiasm by creating programs that would allow retired individuals to remain useful members of society. Moreover, initiatives to introduce the concept of real estate investment will be helpful. When members of the graying population in the near future, remain lucrative, it is more likely to affect stability in the economy.
How does one Prepare for It?
How does a family that has more older people in their household address this concern? Are they even aware of the implication of having more elderly in their family? Since this is relatively a new concern, not everyone may have a clear grasp of what this is all about. Filipinos are known for being clannish, a trait in which all the members of the family being cooped in one home is normal. In other words, caring for the family’s elderly is acceptable. However, it is still best to have a definite plan to limit the negative effects the graying population will cause in a family or in a country. While an individual is still able to actively earn, one should already make preparations for his retirement. Therefore, efforts geared towards endeavors that will result in a steady flow of income in old age are encouraged. Investment is more likely to enter one’s mind when thinking of passive income. It is a known fact that investing in real estate is the safest option. Hence, efforts to educate the graying population particularly those nearing retirement must be initiated to avoid a decline in the economy in the year 2030 and beyond, when the older population dominates the Philippines.
Graying Population and Real Estate Investment
Real estate has a substantial effect on the economy. The contribution of this industry plays a significant role in the economic growth and development of a country. Needless to say, the graying population growth might slow economic growth as it would cause a decline in labor-force participation. Hence, the need for programs to address this is vital.
Real estate property investment has two primary categories namely commercial real estate and residential real estate investments. Commercial real estate (CRE) is property used exclusively for business-related purposes or to provide a workspace. Residential real estate, on the other hand, is for the purpose of providing a living space like investing in house and lot for sale. Investing in commercial real estate can be potentially profitable and may play an active role during the time when older people can no longer actively earn a living. This way, members of the older population who will eventually become part of the graying population will continue to earn a living, thus, avoiding the plummet of the economy. In the event that a retired individual chose to invest in a residential estate for his personal use like the purchase of a house and lot, he would be assured of a living space during his retirement years. His family may share and help in the expenses that is entailed in doing so. The quality of life to be enjoyed by the older population should not be dependent on what the government can do for them. Preparing for that kind of life is primarily the responsibility of the people themselves.
How To Invest in Real Estate
To make a successful real estate investment, one may approach a reputable real estate company. A reliable real estate company would be able to provide information on the property one would like to invest in and properly guide an investor on the legalities as well as funding for said property. It would be able to present options ranging from houses and lots for sale to RFO condo units. A real estate developer will be able to assist in terms of the location preferred by the investor.
The number of working-class giving priority to having a house of their own setting it as a goal prior to having a family of their own or at the early stage of their marriage has increased over the years. However, only a number of the population prepare for the condition of living too long or receiving passive income during the time when they are no longer able to earn a living. May this article foster awareness and encourage everyone to work towards a dignified life in old age.
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