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EVERY day the world’s population becomes greyer and does so more rapidly than the previous day. About four decades from now, seniors on every continent will exceed the number of young, an event that has no parallel in the history of humanity and has the potential to cause an economic revolution unless all nations take steps immediately to take advantage of the changes.

Australians will be no exception as our prospects of longevity are enhanced by a lifestyle that is one of the best in the world and is backed by a health system of international standard.

Right now, those who are 85-plus are the fastest growing section of our population and many of them will achieve their century. They will create a new economy as most will live for 40 years after they retire, thereby sparking a huge adjustment in how we manage the government of the nation and the aspirations of society. This means the wise way to enhance our lifestyle and enjoy continued prosperity will be to face all the challenges now and progressively convert them into growth assets instead of expanding liabilities. Here are some of the possibilities that will enable us to ensure grey becomes gold.

Because the Keating government introduced compulsory superannuation contributions almost two decades ago and Australia also has a means tested age pension, we are far ahead of most of the world in avoiding the huge pension bills that will cripple many nations. This means employees in Australia should be able to plan to obtain an adequate retirement income replacement rate without doubling the rate of the age pension. The crucial test will be during the years beyond age 85, when most superannuation funds will be unable to meet the requirements of long life. But this can be overcome by actions that are taken now. It will benefit our economy enormously if additional support can be given to encourage seniors to stay in the workforce voluntarily until they are at least 75. This will help to reduce our skills shortage, keep experienced workers in the marketplace and boost superannuation savings as well as reducing the national pension bill. In the process, we can remove age discrimination, which costs our nation dearly, and we can give seniors the opportunity to train for new professions that will create a second life for them and provide an economic boost for Australia.

Longevity is made possible by the costly pharmaceutical products that are available to every Australian because of generous government subsidies. The same applies to access to hospitals and nursing homes, at rapidly increasing cost to governments. A comprehensive national program of preventive health that encourages seniors to maintain physical and mental fitness and stay away from doctors and hospitals will be a great cost saver to budgets. We can add to this an innovative recreational program for seniors that gets them away from television sets and bus trips, both of which speed people on their way to geriatric facilities. This program can be run by young people with vision and flair. It will bridge the generation gap in a positive way while establishing recreation as a growth industry for which most seniors will be happy to pay, adding to the prosperity of the young.

Similarly, seniors education can become another prosperous section of the economy. Many seniors would like to earn a university degree in their old age, not necessarily one that prepares them for employment but one that gives them the satisfaction of achievement while studying a subject that interests them, such as history, literature or music. Right now, there are 80-year-olds who are gaining doctorates. There can be thousands more and they will provide universities with a substantial revenue stream.

Seniors housing is an industry that is on the verge of rapid expansion. All we need are builders and architects, who can earn millions by designing homes that meet the physical needs of seniors, instead of just building houses for them that are small versions of traditional houses. This initiative will revive the dormant property market. It will also create a need for more public housing as an increasing number of seniors will choose the rental option rather than continued home ownership.

The ageing of the world will coincide with a new era of technology. Seniors will be challenged to accept a new life based on ever increasing technology and will need many gadgets that will make their lives simple and easy and increase their ability to maintain independence, particularly people with heart disease, visual impairment and arthritis. A new industry is crying out for life and it could sell its expertise to the world.

There are many others, but let me finish with one important matter, volunteerism. Seniors are great volunteers, but they are bored by the menial tasks that charities now give them. They want to get out to the coalface of life where the action is and where they can directly help people in need. They have the life experience to take part in sensitive human situations and they can save governments millions of dollars by doing so.

The good part about the greying of the world is the opportunity that it opens for those of innovative spirit. The scope is immense and it will create a favourable restructuring of the economy based on harnessing the skills of older Australians, more professionalism, greater community responsibility and better quality of life. It will require a big change of attitude among business leaders, most of whom haven’t yet adapted their skills to new ways of marketing their products and services to seniors. But the grand opportunity is there for those who are not faint of heart or closed of mind.

We are entering an era that is the modern equivalent of Christopher Columbus discovering the New World. The world as it exists now will never be the same again. We all have to decide whether or not we embrace ground-breaking initiatives or be left in their wake.

We can choose gold or we can remain grey.

Courtesy Everald Compton – chairman of the federal government’s advisory panel on the economic potential of senior Australians. The panel recently submitted the first of four reports to Treasurer Wayne Swan.