Older workers and consumers could be essential to Brazilian post-pandemic recovery, argues new report
A new report highlights that supporting older people’s economic contributions will be critical to Brazil’s economic recovery from the COVID-19 pandemic.
In 2018, nearly a quarter (24%) of Brazil’s population was over 50; this is projected to increase to more than a third (34%) by 2035.
A new report published by the International Longevity Centre UK (ILC-UK) today finds that far from being a cost, older people in Brazil are increasingly working, earning, and supporting a growing share of the economy. 55% of Brazilians aged 50-69 were in employment in 2018. People aged 50 and over in Brazil already accounted for 1 in 5 workers (20% of the workforce) in 2017, which could rise to 30% by 2035.
The report, published as part of a wider global series, shows that older people in Brazil are also spending more and accounting for a growing share of the consumer market. In 2010, nearly half of all reals (46%) in the Brazilian economy were spent by older households. And older people’s unpaid contributions, such as caring, volunteering, and looking after grandchildren, significantly boost the economy.
But ILC-UK, which is part of a global consortium of organisations on longevity across the world, including ILC Brazil, warns that these contributions could be much higher if avoidable barriers to working and spending were overcome. In comparing the world’s largest economies, the “Health equals wealth” report finds that in G20 countries that spend more on health, older people work more, spend more and volunteer more. Indeed, increasing preventative health spending by just 0.1 percentage points is associated with a 9% increase in annual spending by people aged 60 and over and ten more hours of volunteering for each person aged 65 or over.
ILC-UK, the UK’s specialist think tank on the impact of longevity on society, calls on the Brazilian government to adopt an Ageing Society New Deal that sees spending on preventative health raised to 6% of health budgets, alongside greater support for older people’s paid and unpaid contributions.
David Sinclair, Director of ILC-UK, argued:
“The COVID-19 pandemic has created an exceptional opportunity for society to prioritise health and act further to support older people. Amidst the devastation it has caused, it has shown us how our economies are linked to health and exposed the dangers of under-investing in prevention. Let’s use this shift in mindset to commit the funds today that we’ll need to realise a longevity dividend tomorrow.”
“We need all G20 Governments, including Brazil, to introduce a mix of regulatory, legislative and fiscal incentives to support spending and work by older people. It’s time for an Ageing Society New Deal.”
Dr Alexandre Kalache, President of ILC Brazil, said:
“We don’t have the policies to ensure that the contributions of older people are taken seriously. So let us develop policies that are sound and that you can measure. In Brazil, people still think that it is a young country. But if you compare Brazil to developed countries, we will do in 20 years what has taken, for instance, France 145 years. So the speed and the context are important. We are ageing in poverty without the resource to develop policies.”
Notes
For press queries, please contact Lily Parsey at press@ilcuk.org.uk or +44 (0) 208 638 0832.
The Brazilian country profile is available from: Health equals wealth: Maximising the longevity dividend in Brazil – ILCUK
This summary report has been produced with financial support from Sanofi.
This is part of a global series. To view the full programme page and other country profiles, visit: Health equals wealth: Maximising the global longevity dividend – ILCUK
About ILC-UK
The International Longevity Centre UK (ILC) is the UK’s specialist think tank on the impact of longevity on society. The ILC was established in 1997 as one of the founder members of the International Longevity Centre Global Alliance, an international network on longevity. We have unrivalled expertise in demographic change, ageing and longevity. We use this expertise to highlight the impact of ageing on society, working with experts, policymakers and practitioners to provoke conversations and pioneer solutions for a society where everyone can thrive, regardless of age.
About ILC Brazil
ILC Brazil’s mission is to create, improve, and expand innovation in relation to population ageing policy, based on Active Ageing principles and international/national research/good practice, to provide opportunities for both individuals and population groups to enhance well-being throughout the entirety of their lives.