By Holland House | February 22, 2024 | News

Colombia and Latin America will soon age faster than other regions of the world!

In 1950, Latin America had the lowest aging population in the world. Beginning in 2050, the rate of aging will surpass that of Asia, Oceania, and the world, so much so that after 2070, Colombia is projected to have a level of aging similar to that of Europe, Asia, and North America.

Colombian national regulations define older adults as individuals aged sixty years or older. In 2023, this population was estimated at 14% of the total population (7.6 million). By 2050, this demographic is projected to comprise a quarter of the total population (25%), which corresponds to 14.9 million Individuals. This data reflects the acceleration of aging in Colombia (DANE, 2023)

In 2023, women accounted for 55.4% of the older population, while men accounted for 44.5%.

In terms of the total population, women aged 60 and over represent 8%, while men represent 6%. By 2043, these percentages are projected to increase to 13% for women and 10% for men.

Interesting figures!

• Around 4% of the total population does not know how to read or write. This percentage triples among those aged 60 and over, with a higher prevalence among women. In older men, the illiteracy rate is 2.9 times higher than the national average.
• In 2021, 22.7% of older adults resided in densely populated and dispersed rural areas, while 77.3% resided in municipal capitals.
• In 2020, the employment rate for older men was 44.1%, compared to 18.6% for older women.
• 40.9% of individuals aged 60 and over use computers to access the Internet.
• A higher percentage of people aged 60 and over (95.1%) use cell phones to access the Internet.
• In 2020, people aged 60 and over used the internet half as much as young people aged 15 to 24.

 

A growth in the number of dependent elderly individuals is observed, potentially increasing the need for external care services for the elderly in the absence of sufficient intergenerational support networks. This need highlights several key topics:

• Healthcare: There is an opportunity for the development of specialized healthcare services, as well as for the implementation of health technologies aimed at enhancing the quality of life and medical attention for older individuals; through services such as telemedicine, wearable devices, alert devices in case of emergencies, devices to support people with Alzheimer.
• Adapted housing: There is potential for growth in constructing housing tailored to the needs of seniors. Through innovative house automation products and services that provides accessibility and safety features for care and rehabilitation; such as stairlift elevators, wheelchairs; among others.
• Senior-Friendly technology: The development and adoption of technologies tailored to seniors can improve their independence and well-being. This could include health apps, personal assistance devices, and accessible communication solutions.
• Leisure and tourism: The offer of tourist and leisure services adapted to the preferences and needs of older individuals could generate economic opportunities. This includes accessible destinations and adapted activity programs.
• Education and training: The Silver Economy may drive demand for educational and training initiatives aimed at older adults, enabling their active participation in society and acquisition of new skills.
• Beauty and wellness products and services: The beauty and wellness industry can develop products and services specifically catering to the personal care needs of older individuals.
• Financial advice and estate planning: With the aging population, there may be an increased demand for financial advisory and estate planning services.

 

Given the current needs of this demographic group, it is important to identify solutions to improve their living conditions in different areas. It is about offering innovative products or services adapted to their needs in health, housing, technology, leisure and tourism, education and training, beauty and well-being, among others, capitalizing the increasing market opportunities and growing purchasing power of this population group, which at the global level is estimated to be USD 14 trillion over the next decade.

This sector will surely become one of the Chamber's priorities in Dutch-Colombian relations this decade, for which we will continue working hand in hand with companies from the Kingdom of the Netherlands, such as DEVI UP, represented by our member Ascenco, which is already capitalizing on the opportunities presented by the Silver Economy in Colombia.