Low birth rate and having an aging population are becoming
a phenomenon in many developed countries. Hong Kong
is no exception. The city's fertility rate has fallen
to being the lowest in the world, with an average of
only 0.9 children delivered per woman during her lifetime!
On the other hand, medical advancement has been working
well in terms of prolonging life expectancy and improving
mortality rate.
Demographically speaking, the 42-46 age group, born
between 1958 and 1962, accounts for the majority of
Hong Kong's population. People falling under this dominant
age group will have turned 60 between 2016 and 2021.
It is projected that by 2026, some 2.5 million people
will be over the age of 60.
Most economists agree that an aging population could
put a dent in future economic growth. In the long run,
public expenditure will have to be borne by lesser proportion
of the population. As the work force shrinks, recruiting
new talents will become increasingly difficult. To resolve
this, we will have to expand our pool of seasoned workers,
either by extending their retirement age or relaxing
gender barrier in some traditionally male-dominated
industries. Productivity improvement will also help
ease shortage of skilled workers.
There are many ways to human resources imbalance, leveraging
IT and automation, deferring retirement age and boosting
productivity are some of them. To retain our valuable
employees, we may have to outsource some of our labor-intensive
processes to low-wage regions such as Southern China,
or provide attractive retirement packages.
In the developed world, more goods and services are
now making their way into the elderly markets, where
business opportunities abound. Last year, the Hong Kong
Housing Society launched the Senior Citizen Residences
Scheme (SEN), which allowed the elderly to live in their
own housing units permanently and for free after paying
a lump sum entry contribution. Though the entry payment
was by no means trivial, the scheme was well received
by the local middle class elderly, demonstrating their
desire for a decent mode of living.
The increase in the number of senior citizens presents
new opportunities for a variety of product manufacturers
and service providers. In recent years, the market for
health food, medication, anti-aging products all witnessed
significant growth. In fact, more and more product designers
are taking the needs of the elderly into consideration,
as evidenced by the introduction of products labeled
with larger fonts to compensate for presbyopia. Supermarkets
are now offering discounts to senior citizens; travel
agents are making brisk business in cruise packages
for the elderly; and banks promote financial products
with long-term care and insurance. On the other hand,
clinics offer special health maintenance package for
the elderly, including annual dental and medical checkup,
physiotherapy, nursing, yoga and even rehabilitation
services.
Without doubt, people would demand better and quality
services when they are coming of age. Information Technology
can act as catalyst in the delivery of personalized
services, while helping service providers save on operating
costs.
Information technology also works for the elderly in
different ways. In the US, older people brush up on
their computer skills and get online to feel a sense
of belonging. They stay mentally active by using computers
to pursue their interests, look for useful information
or build online support group. According to a study
by a research organization, the number of Internet users
among Americans over 65 years old jumped by 47 percent
since 2000, making them the fastest-growing group to
embrace the online world (Note 1). Not surprisingly,
Japan and European countries also report similar trends.
As the number of old people who are more educated and
comfortable with computers increases, the percentage
of seniors staying online would soar. Over time, the
online marketplace for the elderly will mature.
(Last updated: 18th March, 2005)
Note 1: New York Times, 25 March 2004, Technology section,
"For Some Internet Users, It's Better Late Than Never"
|
