Governments, corporations and civil society will need to be ready to support a seismic demographic transformation and ensure that economies and societies remain resilient and sustainable over the long term, a new white paper said on Monday.

According to the new paper released by the World Economic Forum on January 15, 2023, the global population of over 60 years old will double to 2.1 billion people by 2050, from one billion in 2020, and many could risk outliving their retirement savings by between eight and almost 20 years.

For individuals to thrive in their longer lives, it is essential for businesses, governments, civil society, and individuals to intentionally address the demographic and financial realities of ageing, it said.

To support this transformation, the WEF’s Longevity Economy initiative, in close collaboration with Mercer and over 35 organisations representing business, government, and civil society, has established six longevity principles.

These are focused on how societies can ensure all individuals are able to meet their financial needs, enjoy a healthy life, access employment and learning opportunities, and live a life filled with purpose at all stages of life.

The six principles call for ensuring financial resilience across key life events, providing universal access to impartial financial education, prioritising healthy ageing as foundational for the longevity economy, and evolving jobs and lifelong skill building for a multigenerational workforce.

These also include designing systems and environments for social connection and purpose, and intentionally addressing longevity inequalities, including across gender, race, and class.

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Many partners in the initiative, including Mercer, Manulife, Zurich, BlackRock, and the European Commission, have committed to taking concrete actions in alignment with these principles, the WEF said.

These actions span a wide range of industries, including innovating in investment vehicle design, broadening access to financial education, developing more age-inclusive employee value propositions, developing a demography toolbox, and using the principles as a framework to inform service delivery and advocacy.

The Longevity Economy initiative is part of the Forum’s Centre for Financial and Monetary Systems.

Organisations that have committed to taking concrete actions in alignment with the longevity economy principles include Mercer, Manulife, Blackrock, Bank of America, Robinhood, Bank of Montreal, AXA, Zurich, Allianz, the European Commission and Fidelity International.

These also include Innovation Foundation empowered by the Adecco Group, APG, Endowus, Transamerica Institute, Phoenix Insights, National Coalition on Aging, Stanford Center on Longevity, MIT Age Lab, Global Coalition on Aging, and Pro Age.