Liam Butler interviews Melissa Hutcheson Development Manager Nelson Regional EDA

Melissa what are some of the economic opportunities presented by an ageing population?

The economic opportunities presented by an ageing population are many and varied. I think it is important to say at the beginning that people need to focus on positive outcomes and on using positive language when discussing this topic.

We know that the population of people 65+ has doubled since 1980 and will double again by 2036. By 2036 approximately 24 percent of New Zealanders will be 65+ and by 2061 that could increase to 30% with a significant increase in the number of people 85+.

Key areas of impact include:

As the health and mobility of people 65+ continues to improve ageing in place will be a big theme as people will want to stay in their own homes for as long as possible. There will be a segment of people wanting to downsize their home size and this will increase demand for smaller housing options. Other ageing place/housing related opportunities include: age-friendly features for homes such as assistive technology, home modifications, mobility support, security features and low maintenance designs and products. Alongside these opportunities is the need for more gardeners, home handyman services, and cleaning and home help services.

An ageing workforce present a number of opportunities as well, including job redesign to keep people working longer, and in less physically demanding jobs. At the same time there are some sectors, such as aged care and agriculture, that have an over-representation of older workers, who will all retire around the same time. In many regions of New Zealand there is a need and an opportunity to retain older workers for longer to offset the reduced numbers of younger people. Employers and managers need to begin, if they haven’t already, having conversations with their older workers about how they can work together to keep people working for longer and transition older workers from high stress to lower stress work. Some options include: part-time or reduced hours of work, flexible work options, reduced responsibility. Employers seeking to hire older workers can focus on skills rather than age, and provide equal access to training and promotion. Employers will provide opportunities for older workers to mentor, teach and share knowledge with younger workers, and will continue to value and demonstrate respect for older workers.

Changing demographics will affect consumption patterns. The older demographic is the only growth market, and with more resources that older people in the past and business need to adapt to this opportunity. Savvy businesses will ensure that mature consumers are well served.

In New Zealand there is a general need for upskilling to deliver the increases in productivity needed to maintain economic growth, and one of the keys to this is education and training for all ages of workers. This presents an opportunity for education entrepreneurs to cater for adults and to offer concise learning packages that address needs.

Trustworthy investment instruments will also find a ready market in older people. There are numerous opportunities for businesses and products to help manage savings and to fund retirement activity and aged residential care.

The older population is embracing technology and products and services that make computers and other devices more accessible will find a ready market.

Realisation of the economic opportunities presented by an ageing population requires that business and employers are aware of the issues and opportunities and that the community is fully inclusive of older people.

About the Nelson Regional Economic Development Agency (EDA)

The EDA was established in 2004 to develop a strategy for economic growth in the Nelson region.

The EDA works to develop the regional economy and to coordinate, promote, facilitate, investigate, develop, implement, support and fund initiatives relating to economic development, employment growth and improved average incomes. www.eda.co.nz

About Melissa Hutcheson

Melissa has been living in Nelson since moving to New Zealand from San Francisco in 2010. After two years working in international student recruitment and international business development for NMIT, she joined the EDA team in September 2012. Melissa has a Masters degree in International and Intercultural Management and has extensive experience working with international partners. Her professional experience includes strategic planning, business development, relationship and account management, product/concept development, and marketing for Internet start up companies, international tour operators and wholesalers, and tertiary education providers. Melissa also founded and operated a natural beauty products business in the US. When not working Melissa enjoys international travel, learning guitar, studying Mandarin, spending time with her husband exploring the Nelson region, and enjoying the great outdoors – especially any activity on foot or on the water.

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