WITH advances in technology, people are now living long enough to enjoy the company of their descendants across three generations. In 2020, there were approximately 727 million people aged 65 and above globally. This number is expected to rise to 1.5 billion by 2050, representing 16% of the world’s population.
An ageing society will challenge the socioeconomic structures of many countries, increasing healthcare and retirement expenses while reducing the labour force. This puts pressure on public resources and creates financial uncertainties for both the elderly and the younger population that supports them.
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