An important part of the changes the world has been experiencing over the last 2-3 decades is the aging of the population. This is the result of longer life expectancy and falling birth rates.

Already in 2018, for the first time in history, there were more people aged 65 and over than children under five worldwide.

For 2030, it is predicted that out of a global population of around 8.5 to 9 billion people, about 1.4 billion will be aged 60 and over. The working-age population (roughly 25 to 64 years) is expected to include around 5 billion people, with the remaining population made up of children and young people under 25.

What such a rapidly aging population means is neither sufficiently understood by our governments, by the relevant public services, nor by the general public. The only exception is the demographic experts. Therefore, we cannot ignore the fact that we have been hit by the population aging completely unprepared. What does such an intense aging of the population mean? This brings a sharp change in the ratio of the entire population to its part still active and generating income. As a result, governments now support a much larger share of older adults through pensions—nearly half of the adult population in some developed countries—whereas three decades ago, this share was closer to one-third.

Providing pensions is far from the only challenge posed by an aging population; it is also about increasing all health and care services. This is not only a problem for the budget and the increased public spending, but – as we can see – also a challenge to secure the necessary staff.

However, the problem of aging cannot be limited to the above. It is a wider challenge of society, which must recognize its new face and ensure that all segments of society adapt to it as best as possible. Of course, it is essential for the adult population not to perceive the growing group of older people just as some kind of burden, which should "cost" society as little as possible! Younger members of society must be aware that they will also live longer and would undoubtedly be greatly affected by such an attitude of society towards the elderly.

In short, the challenge of the aging population should be accepted as a contribution of modern medicine and a reward for the most active lives of seniors. However, it is also a fact that a larger group of seniors also means more wisdom in society, which the seniors have accumulated over the years of their work and collected life experience.

The surprising fact is that the concept of the silver economy is too little known, and most people are not even aware of what generations of seniors bring to their respective societies. It is about their purchasing power, their life savings, which make up a good part of bank deposits, but also about taking care of their grandchildren and helping in their education, etc. All this is very important for our busy lives today, but it is somehow taken for granted – probably because it is provided without payment.

Very few university programs include the issue of population aging and the role of the silver economy. This is wrong because we are not presenting to the young generations the real situation, i.e., the modern demographic reality. Consequently, we do not prepare and motivate them for fair and productive cooperation with the older generations.

Population aging is one of the key features of modern society, and if we do not present it to students, we limit their understanding of relationships in society and do not prepare them for an appropriate relationship and cooperation with older generations. These are already representing a quarter globally, and in many countries, even a third of the population.

Over the past decades, all countries in the world have experienced more or less intense population aging – most notably in the highly developed countries of North-West Europe, as well as in the USA and Canada. The same trend is visible in China, where decades of family-planning policies and changing social norms have led to fewer births, accelerating population aging. There is also a global trend toward lower fertility, which directly contributes to population aging.

What should university programs cover? These are primarily the following topics:

  • Dimensions, causes, and consequences of population aging;

  • The role of the silver economy and the contribution of the elderly;

  • Specific needs of elderly generations.

The silver economy represents around one-third of global GDP and benefits all generations, not only older adults. These are all the activities of the elderly that contribute to GDP growth, but at the same time, all activities that cover the needs of all generations, especially the elderly.

The silver economy includes services and products designed specifically for older adults, tailored to their needs, preferences, and lifestyles. In doing so, it is necessary to take into account – in relation to their use and access – the slightly lower online skills of the elderly.

At some social science faculties, silver economics could already stand as an independent subject—initially as an elective, and eventually as a full-time course. For many professions today, it is important that their holders have a good understanding of the meaning, potential, and characteristics of the silver economy.