In stark contrast to trends observed for homeowners under age 65, mortgage use among homeowners age 65-plus has risen steadily in recent years.
Between 2000 and 2022, mortgage use by homeowners age 65-plus rose by 28.5 percent.
The use of mortgages among older homeowners is rising almost everywhere, but the extent of this rise varies dramatically by state.
It is imperative that policymakers and business leaders develop policies and practices that promote an equitable mortgage market that fosters affordable homeownership and economic security for every generation.
Contrary to their younger counterparts, American homeowners1 over age 65 are increasingly using mortgages2. This development is not bad in and of itself, but it does raise critical issues for policymakers and business leaders, particularly relating to the elevated rejection rates and higher borrowing costs that older adults face in the mortgage market. Understanding and addressing these challenges will be central to fostering a market that provides fair and equitable access to mortgages for people of every age.
Mortgage debt remains uncommon among homeowners age 65-plus relative to their younger counterparts; in fact, the fraction of homeowners age 65-plus who had a mortgage in 2022 (34 percent) was less than half that of homeowners under age 65 (70 percent)3. However, trends in mortgage use among older and younger homeowners have diverged for many years4. Between 2000 and 2022, mortgage use among homeowners age 65-plus rose by 28.5 percent while simultaneously falling for all younger age groups. This rise reached a peak in 2017, when mortgage use among 65-plus homeowners was 41.1 percent higher than its 2000 level. The COVID-19 pandemic drove a significant decline in mortgage use among 65-plus homeowners in 2020, but more recent data suggest that mortgage use among older homeowners is rising once again.
Between 2000 and 2022, mortgage use among 65-plus homeowners rose almost everywhere5, but the scale of this growth varied dramatically from state to state. Mortgage use among older homeowners grew by less than 10 percent in Florida, New Hampshire, and Alaska; meanwhile, five states (Wyoming, South Dakota, North Dakota, Iowa, and Idaho) saw increases of over 50 percent. The forces driving this variation are complex; however, there is clear evidence that growth in mortgage use among 65-plus homeowners was especially strong in certain regions of the country (e.g., the Midwest).
Rising mortgage use among older homeowners is not necessarily a bad development; for example, a mortgage can serve as a cost-effective tool for accessing home equity6. However, as older homeowners come to rely on mortgage products more, it is critical that this population is well-informed about their options, and that policies and practices in the mortgage market meet the needs of every generation. These necessities are underscored in a 2023 working paper by Natee Amornsiripanitch7, which finds that older adults face significantly higher application rejection rates and borrowing costs in the mortgage market. Age discrimination may partly explain these negative outcomes; however, several factors are likely to play a role8. Whatever the cause, these disparities can have serious economic consequences, including lower economic security among older homeowners who are unable to access wealth stored as home equity.
AARP closely follows research examining housing issues important to older adults. In April 2023, AARP published an online article that covers Amornsiripanitch’s findings and highlights proactive steps that older adults and lenders can take to close mortgage deals with fair terms. One striking example covered in the article is that mortgage applications submitted by older adults are commonly denied because of an incorrectly calculated debt-to-income (DTI) ratio9. This can happen because loan officers are used to underwriting mortgages based on earned income, since this source represents the vast majority of income for a typical (i.e., younger) mortgage applicant. Given that older adults commonly receive a substantial fraction of their income via other sources (e.g., investment income, social security), a full accounting of these income streams is necessary for a lender to accurately assess the applicant’s ability to afford the mortgage10.
This article is just one example of AARP’s efforts to inform older consumers about their options with respect to mortgages; other recent articles examine reverse mortgages and the pros and cons of paying off a mortgage before retirement. In addition, AARP champions public policies and business practices that ensure equitable access to mortgages for people of every generation, strong consumer protections, and flexible loan servicing policies that allow homeowners to retain their homes during periods of financial stress. In an environment where older adults are increasingly turning to mortgages, efforts of this kind are central to creating an equitable mortgage market that fosters affordable homeownership and economic security for every generation.
In the context of this article, a “homeowner” is defined as a householder who owns their home. In the U.S. Census and American Community Survey (ACS), a “householder” is the person (or one of the people) in whose name the household is owned or rented. In cases where the household is jointly held by more than one person (e.g., a married couple), the householder may be any member of that set. For more information, see the “Household Type and Relationship” section beginning on page 82 of the 2022 ACS/PRCS Subject Definitions.↩︎
For the purposes of this article, a homeowner is said to be “using” a mortgage if at least one form of debt is held against their physical household. This includes traditional mortgages, as well as other debt instruments such as reverse mortgages. The homeowner’s specific motivation for using a mortgage is not explicitly covered in the ACS; the typical purpose of a mortgage is to finance the purchase of a home; however, mortgages can be used for other purposes (e.g., someone who owns their home outright may use a mortgage to access home equity). A single property can have multiple mortgages.↩︎
According to 2022 American Community Survey (ACS) public-use microdata downloaded from IPUMS USA (www.usa.ipums.org).↩︎
Notably, mortgage use among 65-plus homeowners has been rising for a considerably longer period of time; in fact, Collins, Hembre, and Urban (2020) show that this trend extends back to at least 1980.↩︎
Mortgage use among 65-plus homeowners fell slightly in Hawaii and the District of Columbia during 2000 – 2022. ↩︎
Recent research suggests that low interest rates are one of several factors responsible for rising mortgage use among older homeowners. Collins, Hembre, and Urban (2020) discuss these factors and their potential role.↩︎
Dr. Amornsiripanitch is a senior financial economist at the Federal Reserve Bank of Philadelphia.↩︎
For example, age-related mortality risk makes it more costly (on average) for lenders to give mortgages to older homeowners, a fact that may contribute to higher rejection rates and borrowing costs for this population. A February 2023 article from the Center for Retirement Research at Boston College reviews Amornsiripanitch’s findings and potential explanations in detail.↩︎
This example is provided by Brian Rugg, Chief Credit Officer at LoanDepot.↩︎
If sizable income streams are excluded, an applicant’s debt will appear large relative to their income (i.e., a high DTI ratio). This may lead the lender to incorrectly conclude that the applicant cannot afford the mortgage.↩︎
Maternal and paternal age at childbirth has risen rapidly for decades, with significant economic and social implications for every generation.
In 2022, 51 percent of births were to mothers age 30-plus, up from just 17 percent in 1972. Similarly, 64.1 percent of 2022 births were to fathers age 30-plus, up from 31.8 percent in 1972.
Parents age 50-plus with a child under age 25 in their household are significantly more likely to participate in the labor force relative to adults age 50-plus who do not have a child under age 25 in their household.
As a rising fraction of people delay their childbearing years, public policies and business practices that combat age discrimination in the workforce will be critical to fostering economic security for every generation.
In addition to deciding whether to have children, choosing when to have them is a critical decision with enormous social and economic implications for parents, their children, and society at large. Over the last 50 years, the distribution of maternal and paternal age at childbirth has evolved from one dominated by people in their teens and twenties to a new normal in which older parents account for an increasingly large fraction of births. This sea change has profound implications for critical economic decisions later in life, including labor supply decisions. The economic success and security of American families depends on recognizing this shift and developing public policies and business practices that meet the needs of all American families.
For many, the concept of “childbearing years” stems from the experience of past generations. In 1972, mothers under age 24 accounted for nearly half (47.9 percent) of all births, whereas mothers age 30-plus were responsible for just 17 percent. Paternal age at childbirth skewed low as well, with fathers age 30-plus yielding fewer than one-third of all births. Children born to parents over age 35 were especially rare, with just 4.3 and 11.7 percent of 1972 births being to mothers and fathers in this age group, respectively. Because their parents had them so early in life, most children born in 1972 reached adulthood before either of their parents turned 50.
Although many still view childbearing as a young person’s pursuit, maternal and paternal ages at childbirth have shifted dramatically over the last 50 years. Mothers under age 24 accounted for just 17 percent of births in 2022, whereas mothers age 30-plus were responsible for over half (51 percent). Similarly, fathers age 30-plus accounted for nearly two-thirds (64.1 percent) of births. One major reason for this shift is the increased representation of mothers and fathers over age 35, who were responsible for 15.8 percent and 28.4 percent of 2022 births, respectively. As a result, a significant fraction of children born in 2022 will still be minors when one or both of their parents turn 50.
Such a dramatic shift in parental age at childbirth has fundamental social and economic implications for parents, their children, and society at large. These ramifications are many and varied; however, one particularly consequential example is that delayed childbearing profoundly affects labor supply decisions later in life. In 2022, females age 50-plus were more likely to participate in the labor force if at least one of their own children under age 25 lived with them, and this disparity rose sharply with age. For those age 65-plus, the labor force participation rate (LFPR) of females with at least one child under age 25 at home (37.2 percent) was more than double that of females without a child under age 25 at home (15.2 percent). The same effect was even more pronounced for males; in fact, males ages 50-54, 55-59, 60-64, and 65-plus with a child under age 25 at home were 12.2, 12.2, 14.4, and 24.8 percentage points more likely to participate in the labor force relative to their counterparts without children under age 25 at home (respectively).1
Although delayed childbearing is associated with economic forces that have generated tremendous benefits for parents and their children, 2 parenting later in life does present challenges, especially given that older parents with dependent children are more likely to be in the labor force. This is because older adults who wish to work longer, re-enter the labor force, or reskill/upskill, are often hampered by implicit and explicit age discrimination in employment policies and practices. In addition, support for working caregivers remains insufficient, which can be especially damaging to older workers who are simultaneously caring for adult and minor family members.
Although not discussed in this article, we find that this effect (i.e., that 50-plus males and females with children under age 25 in their household are more likely to participate in the labor force) remains large and statistically significant when controlling for age, metropolitan status, race and ethnicity, marital status, and educational attainment.↩︎
Bailey (2006) shows that access to contraception (which facilitates delayed childbearing) has promoted greater labor force participation among women. Similarly, Bratti (2023) finds that delayed childbearing improves women’s labor market outcomes. In addition, Bailey (2013) finds that the same family planning resources promote greater economic success for children when they reach adulthood.↩︎
Labor force participation among people with disabilities has significantly increased since the start of the pandemic.
In October 2023, the average labor force participation rates for people with disabilitiesages 16-64 and 65-plus stood at 118.4 percent and 105.3 percent (respectively) of their February 2020 values.
The expansion of remote work opportunities, which facilitate employment for people with disabilitieswho face barriers to working away from home, is at least partially responsible for these trends.
These findings highlight a pressing need to proactively challenge our assumptions about the nature of work and develop labor policies and employment practices that meet the needs of all workers, regardless of age or ability.
Falling labor force participation – particularly among older adults – has fueled headlines in countless news stories since the start of the COVID-19 pandemic in March 2020. However, a closer look at the data reveals a more complicated story, including rapidly rising labor force participation among people with disabilities, regardless of age. Recognizing this trend and understanding its implications for the future of work is critical to developing labor policies and employment practices that increase labor market access and maximize opportunity for people of every generation.
To understand how COVID-19 has affected the American civilian labor market,1 it is useful to examine the 12-month labor force participation rate (LFPR) for any group as a percentage of its value in February 2020 (i.e., immediately before the pandemic).2 Among people ages 16-64 without a disability,3 monthly labor force participation declined dramatically in Spring 2020 but recovered quickly thereafter;4 as a result, the 12-month LFPR of this group never fell below 97.7 percent of its February 2020 value and returned to pre-pandemic levels by the middle of 2023.5 Conversely, the decline in average labor force participation among adults age 65-plus without a disability has been sharp and sustained, so that the 12-month LFPR of this population in October 2023 was just 93.8 percent of its pre-pandemic value. This decline represents hundreds of thousands of lost labor force participants and has significantly contributed to an ongoing labor shortage in the United States.
Average labor force participation among people with disabilities evolved very differently over the same period. Since the COVID-19 pandemic began, the 12-month LFPR for people with disabilitiesages 16-64 never fell below 98.9 percent of its February 2020 level. Instead, it has risen rapidly since the middle of 2021 and reached 118.4 percent of its February 2020 value by October 2023. The 12-month LFPR for people with disabilities age 65-plus did decline significantly during the first 18 months of the pandemic, falling as low as 89.2 percent of its February 2020 value in August 2021. However, it has experienced a strong resurgence since then and stood at 105.3 percent of its February 2020 level as of October 2023.
These findings strongly suggest that the pandemic played a role in promoting labor force participation among people with disabilities, regardless of age. The 12-month LFPRs for people with disabilitiesages 16-64 and 65-plus in October 2023 (40.2 percent and 8.6 percent, respectively) are at or near historic highs,6 and current trends indicate that both rates will continue to rise over time. Although several factors may be responsible for this increase in labor force participation, two key drivers are the sudden abundance of opportunities for remote work and widespread access to the technological innovations that make remote work possible (e.g., video conferencing services that offer features such as closed captioning for conference calls).7
There is an important lesson in these findings: Costly barriers to employment may stem from entrenched attitudes about the nature of work. Remote work existed before the pandemic but was viewed as a niche arrangement for a handful of specific skill sets. When remote work became unavoidable due to lockdown measures and social distancing, policymakers and employers quickly realized that a broad segment of the workforce could function productively from home, even after the pandemic subsided. This shift in perception has expanded employment opportunities for millions of people with disabilitiesand benefited thousands of employers facing a historic labor shortage.
The analysis above highlights the value of proactively challenging assumptions about the nature of work, including labor policies and employment practices that implicitly or explicitly promote ableism and prevent people with disabilitiesfrom working.8 Given that older adults are far more likely to have a disability relative to the general population, AARP has pioneered innovative solutions in this area for many years. One example is AARP’s Senior Community Service Employment Program, which helps low-income, unemployed individuals age 55-plus find work. Relatedly, the AARP Job Board includes features that help job seekers with disabilities identify compatible employment opportunities, and AARP Skills Builder for WorkSM provides resources for developing skills that are competitive in the job market and aligned with one’s specific needs. Finally, AARP Foundation’s legal advocacy work often targets ADA violations and other barriers that impact workers who have a disability. Efforts such as these improve labor market conditions for workers with a disability and employers, producing economic gains benefiting every generation.
Due to the design of the Current Population Survey (CPS), all analysis in this article focuses on the civilian noninstitutional population, which excludes military servicemembers and individuals in institutions (e.g., prison inmates). ↩︎
We define the 12-month LFPR of a specified group in any given month to be an unweighted average of monthly labor force participation rates for that group in the most recent 12-month period. For example, the 12-month LFPR for people ages 65-plus in October 2023 is calculated as the unweighted mean of monthly labor force participation rates for the 65-plus population from November 2022 through October 2023. For each group under study, Figure 1 reports the 12-month LFPR at each point in time as a percentage of its value in February 2020. Values above 100 indicate that the 12-month LFPR has risen relative to its February 2020 value, whereas values below 100 indicate that the 12-month LFPR has fallen relative to its February 2020 value. Because our metric focuses on average labor force participation over an entire year, changes in its value are only mildly affected by short-run shocks and do not reflect seasonal variation in labor force participation. Instead, this measure focuses on longer-run shifts in labor supply by each group studied.↩︎
Since June 2008, the CPS has tracked disability status with a series of six questions aimed at identifying CPS household members with physical, mental, and/or emotional conditions impacting hearing, vision, cognition (e.g., concentration, memory, decision making), walking/climbing stairs, performing activities outside of the home, or independently completing personal care activities such as bathing. A household member with at least one such condition is counted as having a disability. Additional details are available here.↩︎
Because the 12-month LFPR metric is an average of 12 monthly LFPRs, large month-to-month changes will have a limited effect on the 12-month LFPR if those changes are offset in later months. For example, labor force participation among those without disabilities ages 16-64 fell sharply between February and May 2020 but recovered much of that loss over the next few months.↩︎
The 12-month LFPR for people ages 16-64 without a disability fell from 77.6 percent in February 2020 to a low of 75.8 percent in March 2021. It is important to emphasize that – even though this decline is only about two percentage points – it translates to a decline in average labor force size of several million people for this group.↩︎
Public-use microdata from the Current Population Survey (CPS) identifies people with disabilities dating back to June 2008; as such, 12-month LFPRs for people with and without disabilities can be calculated back to May 2009.↩︎
A recent SHRM article provides more details on this subject.↩︎
For example, overly inflexible return-to-office (RTO) policies threaten to eliminate productive remote employment opportunities that benefit workers with disabilities and their employers. Risks associated with such RTO policies are examined in a recent Allwork article. Similarly, a recent SHRM article discusses the need for thoughtful RTO policies which allow for hybrid and remote work options that are mutually beneficial to employers and their workers.↩︎
Social isolation – defined as the objective lack of (or limited) social contact with others – has reached historic heights in every age group.
As far back as we can measure, average social isolation has consistently risen with age.
However, recent trends – including effects stemming from the COVID-19 pandemic – indicate an especially sharp rise in social isolation among younger age groups.
Combatting the threat of social isolation will require outreach efforts and investments to increase opportunities for social connection in every generation.
Social isolation – defined as the objective lack of (or limited) social contact with others1 – has long been viewed as a pressing concern for older adults. Decades of data show that social isolation rises steadily with age; however, a deep dive into recent trends reveals troubling developments in younger age groups, including significant increases in isolation before and during the COVID-19 pandemic. These findings demonstrate that social isolation is an increasingly universal challenge and represent a call to action for initiatives which promote increased social contact for members of every generation.
An extensive body of research on social isolation exists; however, approaches to measuring isolation and related concepts (e.g., loneliness) vary widely.2 In this article, we use data from the American Time Use Survey (ATUS) to examine the average amount of time spent alone over the course of a day during 2010-2021.3 This is a common metric for quantifying social isolation in populations, as it provides a nationally representative, objective measure of interpersonal contact which can be tracked over time.
In 2010, average social isolation was lowest among those ages 15-24, who spent 28 percent of their time alone, on average. This percentage rose steadily with age, including particularly significant increases beyond age 44. Individuals age 65-plus were far more isolated than any other age group, with the average person in this range spending 53.6 percent of their time alone. As staggering as this latter value is, social isolation in the 65-plus population rose very little between 2010 and 2019. In contrast, average social isolation rose markedly among younger age groups during the same period, including a seven percentage-point increase for people ages 15-24.
The most surprising finding shown above relates to growth in social isolation after 2019. Contrary to the common narrative that older adults were more susceptible to increased isolation during the pandemic, we find that the average percentage of time spent alone increased the most for people under age 35 between 2019 and 2021. In contrast, the average person over age 55 experienced a comparatively mild increase in social isolation over the same period, although this likely reflects the fact that social isolation was already very high in this group prior to the COVID-19 pandemic and consequently had limited capacity for additional growth. In any event, prevailing trends during 2010-2021 have created an environment in which all age groups exhibit high levels of social isolation.
A lack of in-person interaction is not necessarily a negative outcome for any specific individual, and there is no established threshold for how much time a person should spend alone. Similarly, one’s level of isolation says nothing about the quality or their social interactions, and individuals experiencing little-to-no social isolation are not immune to problems such as loneliness. However, there is strong evidence that higher average social isolation is correlated with negative health and wellbeing outcomes in populations. For example, survey results from 2021 indicate that individuals who report greater social isolation also tend to have lower life satisfaction and poorer general health. In fact, the average person who reported having poor general health in 2021 spent 54.6 percent of their time alone, 13 percentage points greater than the average person who reported having excellent general health. Similarly, individuals reporting the highest level of life satisfaction are also the least isolated, on average.
For as far back as we can measure, people age 65-plus have faced higher average social isolation than their younger counterparts. However, recent trends show that the youngest age groups are increasingly at risk. These findings strongly agree with recent research, including a May 2023 advisory from the surgeon general, which characterizes isolation and loneliness as an epidemic in the United States. Combatting these trends will require widespread outreach efforts aimed at identifying isolation and increasing opportunities for social interaction at every age. AARP has been at the forefront of this field for years; for example, AARP Foundation’s “Connect 2 Affect” tool helps individuals assess their level of isolation and find resources in their area to improve social connectedness. Similarly, AARP’s Fun & Fulfillment initiative includes a range of programs designed to increase social engagement among older adults. AARP has also completed research identifying additional practical steps, such as the development of standardized screening tools for tracking social isolation in individuals (e.g., during annual wellness visits). In the wake of a devastating pandemic, efforts such as these recognize the diverse set of people experiencing high levels of isolation and offer solutions that promote greater social interaction at any age.
This definition comes from Box 6.1 (pg.108) of Social Isolation and Loneliness in Older Adults: Opportunities for the Health Care System (https://doi.org/10.17226/25663). This book was produced by The National Academies of Sciences, Engineering, and Medicine and published by The National Academies Press in 2020. ↩︎
Chapter 6 of Social Isolation and Loneliness in Older Adults: Opportunities for the Health Care System (https://doi.org/10.17226/25663) provides a useful review of approaches to measuring social isolation. The metrics discussed in this chapter vary widely in their subjectivity, as well as the underlying concept of social isolation used. The measure used in our analysis emphasizes the objective level of one’s social interaction; as such, it is consistent with the National Academies’ definition of social isolation and conceptually linked to measures such as the Berkman-Syme Social Network Index. ↩︎
Our specific measure of social isolation is the fraction of one’s time spent alone during a 24-hour period, excluding time spent on “personal care activities,” which includes sleeping and personal activities like grooming. We also exclude time that is not fully coded in the data (e.g., time during which the respondent cannot recall if they were alone). For example, if an ATUS survey respondent spent eight hours sleeping and one hour on other personal care activities during their time diary day, then they would have 15 remaining hours that might be spent alone or with others. If this respondent spends six of those hours alone, then we record them as having spent 6/15 = 40 percent of their time alone. This metric is very similar to measures used in recent work by Pew Research, working papers such as Atalay (2022), as well as peer-reviewed academic studies such as Kannan and Veazie (2023). ↩︎
When Shayna Hetzel was in college, she wanted to be a biochemist, examining the intricate relationship between carbon atoms and amino acids and studying the ways they come together to form the foundations of life. Although she didn’t end up pursuing a career in science, Shayna — the Community and Social Impact Investment Director at the American Family Insurance Institute for Corporate and Social Impact — now works alongside her longtime colleague and partner, Social Impact Investment Director Nyra Jordan, to identify and facilitate the bonds that strengthen communities and drive prosperity for everyday people.
On October 3, 2023 the American Family Insurance Institute for Corporate and Social Impact celebrated its 5-year anniversary. Launched in 2018 after a two-year benchmarking period, the Institute was initially conceptualized as a way to expand upon both the successes of American Family Insurance’s multi-limited partner model, American Family Ventures, and the American Family Insurance Dreams Foundation, which supports nonprofit organizations through grants and employee and agent engagement programs. According to Shayna, its earliest ambition took the form of a question: How can we go bigger and bolder for equity?
At the urging of then-CEO Jack Salzwedel, Peter Gunder — who was serving as American Family Insurance’s Chief Business Development Officer at the time — formed the Institute by assembling a small team of people, led by Shayna and Nyra, whose primary goal would be to expand the capacity of entrepreneurs and risk-takers to make a difference in their communities.
Today, the Institute operates out of the Spark building in Madison, Wisconsin, and pursues its long-term mission of closing equity gaps in America by forging partnerships with local changemakers, leaders, and entrepreneurs focused on building scalable social enterprises in four key investment areas: economic empowerment & justice reform, healthy youth development, equity in education, and resilient communities.
Even in the Institute’s earliest days, Nyra says, the members of her team were always disciplined about maintaining a community-minded and -centered approach to the work that they were doing.
“As a corporation, we didn’t want this to be something where we said, okay, here’s American Family Insurance and we’ve created this thing where we’re going to show you how to do social impact and tell you how you engage in your communities,” she said. “We wanted to make sure we didn’t tarnish relationships, and that we were not approaching this work with hubris.”
The need for deeper community investment was made explicit by a report released by the Wisconsin Council on Children and Families (now Kids Forward) in 2013 called “Race to Equity,” which revealed widespread disparities across race and ethnicity on nearly every social economic measure, including education, homeownership, and wage earning. According to Nyra, that report’s release was partly what inspired leadership to begin researching issues like mass incarceration and other topics that were “a little less comfortable for a midwest insurance company” in an effort to redress some of the social inequities it had identified.
“I think for us, a company that had been giving millions of dollars to communities, for this report to come out and say that these gaps existed so deeply was just astounding,” Nyra said. “I think that was one of the points where leadership asked, ‘What can we do differently?’”
The creation of the Institute was as much an answer to that question as the appointment of two women of color to its helm. With more than 30 years of combined experience at American Family Insurance, Nyra, a Black woman, and Shayna, a Korean-born, rurally-raised woman, look wholly unlike the traditionally white, male faces usually that typically make up corporate leadership teams. And on top of being women of color, both leaders come from professional backgrounds that are widely considered to be untraditional by venture capital standards.
“Nyra and I are not the hardened finance MBA folks who sit in Silicon Valley,” Shayna told NationSwell. “We really come from community-first backgrounds, and on top of that we do happen to be, in my very biased opinion, badass women of color. It’s really not the typical story.”
Taking a community-centered approach
That community-centered approach — their willingness to become deeply entrenched in the work and the communities they serve — is the secret sauce that differentiates Shayna’s and Nyra’s leadership, says Lauren Usher, a partner and Vice President at the startup accelerator gener8tor. Since the Institute catalyzed gener8tor’s gBETA social impact programming for early stage social entrepreneurs in the fall of 2018, the platform has worked to close equity gaps in the K-12 education system and justice tech by working primarily with founders who are either formerly incarcerated themselves or working to support returning citizens through their ventures. Her relationship with Shayna and Nyra — and the Institute — “…has been one of co-creation and intentionality from the beginning,” Lauren told NationSwell.
“There have been many challenging moments that Shayna and Nyra have not shied away from, but seem to embrace as problem-solvers and creative minds,” Lauren said. “In both programs, we are working with underestimated populations like women and people of color who have been excluded from the startup and venture capital space for so long. Several founders have commented that Shayna and Nyra are such genuine people, and the founders didn’t know that high-level executives from large corporations could be so caring and helpful.”
Since 2018, gener8tor’s work has supported 57 social enterprises in intensive programming focused on business coaching and subject matter mentorship, network building, and fundraising. All told, those businesses have created nearly 100 jobs in their respective communities and raised approximately $35.4 million in funding through grants and investments. On top of all of that, Lauren estimates that 58 percent of these companies are led by women, and that 72 percent are led by people of color — figures that, she says, serves as just two examples of “the immense talent and hard work that the Institute’s work supports.”
Establishing trust with partners on the ground
Engaging deeply with communities and trusting local organizations to lead the way has always been a critical and necessary component of the Institute’s philosophy: Early ideas about building out unique, Institute-owned and operated programs were quickly scrapped in favor of pursuing the opportunities already being led by trusted partners on the ground.
“We realized early on that the best role we could be in was that of a linked-arm partner and a financing catalyst for those organizations to have and build their own brands and programs that were then sustainable through their organization instead of having Institute-branded, owned, and operated courses and cohorts,” Shayna says. “Most of our portfolio is based on finding those already doing that.”
The next step was building trust: formalizing relationships with community partners that would ultimately be supportive and generative for a larger ecosystem, and never feel extractive.
Dr. Roxie Hentz — the CEO of CEOs of Tomorrow, and a community partner of the Institute since 2018 who now leads youth social impact entrepreneurship incubators and programming — says that her company’s relationship with the Institute goes “far beyond that of a financial partner… the team has not only become woven into the fabric of our youth programming, but is also a part of the CEOs of Tomorrow family.”
She said that both women have been “true assets to the community,” citing Nyra’s dedication to youth mentorship in particular.
“She has consistently donated her time and expertise as a lead judge for the past nine Teen Pitch & Launch Events — our signature event that showcases aspiring teen entrepreneurs as they launch new business ideas,” she says.
According to Shayna, that on-the-ground dedication is an integral part of the Institute’s strategy to act as champions for community partners. She describes having what she refers to as “frontman energy” for every single partner in the Institute’s portfolio — an enduring belief in their status as “visionaries, grinders, and equity champions,” that makes it impossible to choose favorites from the pack.
“We are not the kind of partner that writes a check and walks away,” she says. “We are talking to the participants, mentoring them, learning from them, attending their showcases. Nyra and I and our teams are on the road building those deep relationships — it’s why we don’t have 400 partners a year. To go deep really means that we’re on the ground with our partners.”
While being two women of color attempting to nimbly and efficiently bring an ambitious vision to life is not without its challenges, Shayna says that being one of the “onlies” seated around the table has also contributed to a new understanding of how she is able to relate to and serve the communities she represents.
“[Being a woman of color] has ultimately unlocked this belief that my identity and lived experience — and my proximity to being underestimated and underrepresented — is actually my seat of power,” she said.
Using collaboration as a north star
The alienating nature of being one of the only women of color seated at the table only further highlights the need for and value of collaboration — the true listening, following, and leading required in order to create shared prosperity and dismantle the systems perpetuating injustice. In addition to partnerships with community leaders, entrepreneurs, and other impact investors, the Institute has also teamed up with Annie E. Casey Foundation, National Domestic Workers Alliance, Pivotal Ventures, Working for Women, and NationSwell to form the Case for Childcare Collaborative, whose members have spent the last year engaging in research to understand the widespread challenges, opportunities, and solutions that exist in making the business case for childcare.
While neither woman is certain about what the next five years of the Institute’s future will look like, Nyra says a primary focus will be ensuring that the model that they’ve created will continue to honor community needs — and that her team will never “…lose this humility of truly, truly believing in, empowering, and funding lived experience.” She added that she hopes the Institute will emerge as a standard-bearer in the establishment of internal teams led by and built with women of color — one that might serve as an aspirational north star for other corporations and impact investors in the years to come.
“Having teams led by women of color is actually not just a differentiator because it’s different, but because it’s more prosperous and inclusive and builds more equity on the outcome,” she said.
Endorsing that vision for the future, Shayna added that her hope for the next five years is that her partnership with Nyra will continue to grow and inform the work that the Institute does.
“I can’t imagine doing this work alone,” she says. “The two of us have really had each other’s backs for 10 years — there’s safety and unending support and coached growth, and it’s not competitive; it is pure, nurturing energy and love.”
Every year, volunteerism in the United States generates over $100 billion in economic activity. However, volunteer rates and hours served have been declining steadily for 20 years.
Volunteerism among older adults has been comparatively resilient. As a result, the share of total volunteer hours accounted for by the 65-plus population grew from 18.5 percent in 2002 to 28.6 percent in 2021.
This increase in share has occured despite rising labor force participation in the 65-plus population and the COVID-19 pandemic.
These revelations are a call to action for practical steps which encourage volunteering and reduce barriers faced by those who wish to give back to their community.
Annually, the economic value of volunteer work in America exceeds $100 billion. Despite increasingly significant attachment to the labor force and other time constraints older adults continue to contribute an outsized percentage of this value. AARP has firsthand knowledge of volunteerism’s critical place in society, as our 50,000-plus volunteers constantly use their experience and know-how to support those in need. In many cases, volunteer contributions supply the only channel through which individuals and communities receive critical goods and services. Unfortunately, the total number of volunteer hours served declined from almost 8 billion hours in 2002 to just 4.1 billion in 2021, resulting in economic and social losses affecting every generation.
Even though volunteerism fell for all age groups between 2002 and 2021, the contributions of older adults were comparatively resilient. In fact, while the total number of volunteer hours served by people under age 65 fell by 54.9 percent during this period, the hours contributed by those age 65-plus fell by just 20.3 percent.1 Consequently, the share of total volunteer hours accounted for by the 65-plus population soared from 18.5 percent in 2002 to 28.6 percent in 2021. Remarkably, this rise in share continued through the pandemic, despite the significantly elevated risk that COVID-19 posed for older adults.
One might dismiss the findings shown above as a simple byproduct of population aging or older adults having more free time available for volunteer activities. However, the 65-plus share of volunteer hours increased by substantially more than the 65-plus share of population between 2002 and 2021.2 In addition, labor force participation in the 65-plus population has grown tremendously in recent decades, which should have put downward pressure on volunteer work in this age group compared to the population at large. Instead, volunteerism in the 65-plus population is increasingly attributable to individuals who are also working or looking for work.
The figure below shows the latter fact by plotting the share of 65-plus volunteer hours attributable to labor force participants and non-participants in 2002 and 2021. In 2002, the entire 65-plus population accounted for roughly 1.47 billion volunteer hours, with over 1.25 billion of those hours coming from people who were not in the labor force. By 2021, the total number of volunteer hours supplied by non-participants aged 65-plus had fallen to about 920 million, while the amount supplied by labor force participants aged 65-plus had grown from 220 million to nearly 260 million. As a result, over one-in-five volunteer hours provided by the 65-plus population in 2021 were contributed by a person who was also working or looking for work, up from just over one-in-seven in 2002.
Older adults have always represented a key part of the volunteer community and recent trends have amplified their role even more. This revelation underscores an enduring commitment to the principles of volunteerism in this age group and is a call to action for practical steps to encourage volunteering and reduce barriers faced by those who wish to give back to their community. AARP is leading the way in this effort via its many volunteer programs and Create the Good, which helps match people with volunteer opportunities aligned with their interests and experience. Steps such as these will support the increasingly critical contributions of older adults and foster greater volunteerism in general, yielding economic and social gains benefitting every generation.
Most of this decline occurred between 2019 and 2021, when 65-plus volunteer hours fell from 1.41 billion to 1.17 billion. Between 2002 and 2019, 65-plus volunteer hours declined by just 4.3 percent, whereas under-65 volunteer hours declined by 38.2 percent. Even during 2019-2021, the percentage decline in 65-plus volunteer hours (-16.7 percent) was significantly less than that observed for under-65 volunteer hours (-27.1 percent).↩︎
The 65-plus share of U.S. population grew from 12.3 to 16.7 percent between 2002 and 2021, an increase of almost 36 percent (see https://fred.stlouisfed.org/series/SPPOP65UPTOZSUSA). Inthe same period, the 65-plus share of volunteer hours rose by nearly 55 percent.↩︎
Monday marks the celebration of juneteenth, the federal holiday commemorating the emancipation of enslaved Black people at the end of the Civil War. As we head into the celebrations, NationSwell reached out to some of the leaders in our community to ask how fellow leaders can join them in their efforts to advance racial equity and justice for Black people.
Here are some of the ideas, actions, and resources they’ve shared with us.
NationSwell: As we celebrate Juneteenth, what is one action that business, philanthropic, and societal leaders can take to meet this moment in racial equity and justice?
Thea Gay, NationSwell Fellow + Youth Activist: Author Chimamanda Ngozi Adichie said it best in her TedTalk about the danger of a single story, warning that it “creates stereotypes and the problem with stereotypes is not that they aren’t true, but they are incomplete. They make one story become the only story”.
For far too long, Black stories have been manipulated, mishandled, and in many cases completely erased to appease White Supremacy. As a result, widespread Black representation created without the input of Black people oftentimes reflects racist caricatures of our culture and demeans the rich diversity of our community — in turn, putting forth a one-dimensional idea of who we are into the world.
This Juneteenth, I encourage everyone to take some time to immerse themselves in Black History by supporting Black authors and creatives helping to shift the narratives about our stories and who gets to tell them.
Quardean Lewis-Allen, Founder + Executive Director, Youth Design Center: It is always a great time to support initiatives that address systemic inequalities, such as education and economic mobility. But particularly at a time when philanthropy is contracting, we need to lean into local economies and amplifying the infrastructure for self-sufficiency. Place-based investment in communities can help bridge the opportunity gap and empower individuals to thrive.
Carmita Semaan, Founder + CEO, Surge Institute: This may seem overly simplistic, but my advice to leaders and friends when asked this question is to be intentional, but start small. Take one small action to educate yourself, connect with someone whose perspective and lived experience differs from yours, and allow that education or interaction to lead to another action that may positively impact those you lead. Many leaders fail to act or meet the moment in racial equity and justice because they are both afraid to say or do the wrong thing and feel that any action taken must be grandiose to make an impact.
Here’s a bit of inside information: Most grandiose acts done without education or proximity fall flat and are received as performative and lazy by those you are most often seeking to impact. Take the time to invest in your own education, growth, and healing and I promise it will impact the way you see others, the way you see yourself, and ultimately the way you lead.
NationSwell:What’s one idea for advancing racial equity and justice that more leaders should know about — and where can they go to find out more?
Gay: One approach to advancing racial equity and justice that I think people know of — but don’t actively integrate into their everyday lives — is practicing intersectionality. Not only is it a framework to understand social theory but a lens that can be used to think deeply about our micro and macro interactions. Being aware that everyone has a distinct lived experiences shaped by oppression and privilege is key to understanding the society’s impact on different communities.
As part of your Juneteenth celebration, get curious about your knowledge of Black history and try to go deeper or take part/listen to intersectional conversations that expand your understanding of the Black experience. And most importantly never stop seeking to understand the gaps between what Black stories are being told, how, and by who. While also considering whose stories are then missing, the impact of that exclusion, and the need to highlight the intersectionality of Black identities.
Lewis-Allen: I love the work of BlackSpace, a Black urbanist collective that collaborates with Black organizers and thinkers to co-create urbanism-themed experiences. These bespoke experiences unite Black urbanists across disciplines to share new ways of to center Blackness in architecture, design, and urban planning. In that regard, they developed the BlackSpace Manifesto to help co-creators engaged in developing projects with Black communities do so in a purposeful, non-extractive way. I reference it often as a central part of our organization’s community revitalization work.
Semaan: There are so many so I’m going to cheat and provide a few. If you’re looking for an equity assessment, customized framework and work-plan for your organization as you seek to advance equity work within your organization, I absolutely love the work Rhonda Brousard is doing at Beloved Community.
If you’re interested in empowering the next generation of leaders to build an anti-racist economy by placing diverse youth in high growth careers, check out LeadersUp under the leadership of the brilliant Jeffery Wallace.
And finally, if you want to support efforts to educate, amplify, and elevate the next generation of leaders of color working to transform systems for students, families and communities, please check out my organization Surge Institute and consider ways to join our community or support us in any way that feels comfortable for you.
In celebration of Black lives and justice for Black communities, NationSwell asked its leaders to share some resources to support and celebrate BIPOC people. Here are just a few they’ve shared.
The Opportunity Network’s Anti-Racism Resources and Tools The Opportunity Network is committed to its Active Core Value to Center Social and Racial Equity Relentlessly through our pedagogical practices, engagement activities, and programming. The organization recognizes our country’s long history of structural oppression and deeply rooted racism and brutality, and have compiled the below anti-racism resources for our students, families, and fellow educators. Learn more here.
The Power of Truth and Reconciliation Processes How can a country with a history steeped in racism and violence ever hope to redress its sins and create a more safe and equitable social landscape? What will it take for America to heal? For some, the answer lies in truth and reconciliation — the process by which persistent inequalities are addressed through careful fact-gathering and supervised dialogues that seek to establish an objective version of historical events. Proponents of truth and reconciliation processes believe that confronting and reckoning with the past is necessary in order for successful transitions from conflict and resentment to peace and connectedness to occur. Learn more here.
Black History, Black Futures In this NationSwell Mainstage, you’ll learn from cross-sector leaders in environmental, social, and place-based justice who are advancing progress in meaningful, measurable ways. Anchored in their accomplishments and expertise, they discussed the tangible actions we can take and investments we can make to ensure an equitable and just Black Future. Watch to learn how you can build a better Black future — one where Black excellence is celebrated, Black innovation is supported, Black opportunity is accelerated, and Black lives flourish and thrive.
Aging is inevitable — but you wouldn’t know it from the way we live our lives. Whether it’s the increasing difficulty to land a new job if your over 50, social isolation due to mobility needs not being addressed in policies, or, yes, even the way that skincare ads sell us facial creams to keep us young forever, the message is loud and clear: when it comes to aging, don’t do it.
The apprehension towards getting older has long been the default cultural attitude, so much so it’s embedded in our social norms and language, as well as our systems and policies. But fighting ageism is beneficial for us all. We all deserve to thrive at any age, and that requires a world that supports us at any age. When it comes to thriving, there really is no such thing as past our prime: the growing number of pro-aging social media influencers over 50 are proving it. These influencers are living their best lives: creating community, connecting with younger generations, learning ever changing social media trends and technology, figuring out how to be authentic, and finding new meaning and purpose in life.
We spoke with five micro-influencers about what their social media journeys have been like and what it means to thrive. While every story was unique and personal, a common sentiment was shared by each influencer – when it comes to aging, do it your way.
Offline, she’s an educator, mother, wife, and caregiver, and online she’s a model, brand ambassador, and proud silver sister – a movement of women ditching hair dye for good. In every aspect of her life, she is vibrant, positive, and 100% herself, and that’s what she wants for all her followers.
1.What does it mean to thrive? How does social media — from the connections you’ve made, to the way it empowers you to tell your story — help you do that?
Thriving to me, means being healthy. My husband is a stroke survivor, so watching his journey and being his caregiver has inspired me to be fit and healthy. I get inspired when I see someone working out and sharing their health journey online. Of course, I’m strategic with how I engage with social media, because there is a lot of garbage out there. I’ve been lucky that most of my interactions online have been positive, and I am very interactive with my audience. I think I protect myself because I am 100% me, and everything I put out is done with positivity and a mindset of growth. I think thriving is also continuing to grow and being able to be your true self. Never in my wildest dreams would I have thought I’d meet a worldwide audience. It’s changed the way I tell my story and helped me stop hiding behind a bottle of dye. I’m more transparent. What you see is what you get.
2.How has social media allowed you to connect with people outside of your generation?
My daughter runs my page, and my following is very cross generational – I have followers from 28 – 49. I also get a lot of positive feedback from my students and their families. It’s nice to feel that genuine love and knowing you can relate to all kinds of people in some way shape or form. The people who comment and respond are cross-generational, they’re from all over the world and it’s inspiring to me that others were finding value in what I’m saying and posting about my journey transitioning into silver hair – the good days, the bad days. I think that’s been the way I’ve been able to meet people at all levels and generations and have a common bond – because everyone is going through something, everyone is transitioning. It could be going from one stage of life to another.
3.What have you learned using social media?
We have more in common and we are more alike than we are different. I’ve connected with women in England, Ghana, Spain, and it’s so refreshing to talk with other people who just get it – that we’re unapologetically moving forward with this mid-life fabulousness. I’m enjoying this stage of my life now. I have more confidence now – I’ve always been confident, but this journey has opened a whole new level of security in myself. Transitioning from hiding my silver hair to embracing it has been an overall positive experience for me. I’ve chosen to make it a positive journey, and when others see that and reach out and respond to this positivity, it’s very validating. The fact that others are recognizing that I’m enjoying this stage, changes things. It’s not, oh, boo, I’m 50, I’m 52. It’s, hey, I’m 54, I’m loving this! I’m looking forward to double nickels next year! We’re not our grandmothers and mothers 50s anymore.
4.What does it mean to you to see other people like you on social media?
It gave me a roadmap. When I first got on Instagram, at the persistence of my daughter in 2021, I was just on the platform looking. I would follow ladies who were transitioning from dyed hair into this fabulous silver hair, and they were so vibrant, fashionable, active, and it made me realize – that’s me! But I had been covering up my silver hair my entire life. Seeing these women on Instagram, doing all these wonderful things and flaunting their silver hair, and then reading the comments that were so positive and celebratory, made me see that people really don’t care about these “old-age” stereotypes. So, seeing other women like me, gave me the courage to put myself out there.
His fashion sense is obvious and is only enhanced by the meticulously well-kept silver beard he proudly rocks. He’s acting his age by doing exactly what he wants and living up to the value he knows he brings to the table. He posts with positivity, responsibility, and authenticity.
1.What does it mean to thrive? How does social media — from the connections you’ve made, to the way it empowers you to tell your story — help you do that?
I believe that to thrive is to live, not just exist, but live. I am 52 and I realize that I am no longer a young man chronologically, however I have not let my age stand in the way of how I present myself and how I live. I wear what I want, I listen to what I want, and I like what I like. When you get to a certain age, some people feel like you must change to “fit” that period in your life, in other words, “act your age”. Sure ok, act your age, embrace it and understand that you are blessed each year that you get to advance to another year, but enjoy all of it. I can be a grandfather and still wear my Air Jordan’s. I can have gray hair and still wear a snapback hat. I will continue to live my best life. Social media has also allowed me to realize that there is still plenty of value left in me. Last year, I was able to connect with a group of men, 40 and above, who are committed to presenting the image of older men as a positive thing. We have used our social media platforms to create and tell our story as mature men. We are intent on showcasing our style, our creativity and our brotherhood with each image we place on social media. We wanted to show older men (and everyone else) that it’s okay to showcase yourself (and your gray hair). This isn’t just a young person’s game; we can also have a major presence on social media.
2.How has social media allowed you to connect with people outside of your generation?
Social media has opened a door that I don’t believe would have been opened for someone my age 20-25 years ago. Social media has allowed me to walk through an open door and connect with younger people. Most questions that I receive come from younger men who look to me as the “OG”. I have young men who regularly ask me questions regarding my clothes, my beard and even my skin. They all want to know about my style and regularly ask for grooming tips. I don’t believe that the opportunity to impact young men would be as dramatic or available if it wasn’t for social media. Having the ability to be seen by people all over the world has been tremendous and to be questioned and respected by so many people outside of my generation has again allowed me to truly understand that age doesn’t stop anything.
3.What have you learned using social media?
Social media has forced me to be that much more in tune with technology and certain technological trends. Being an online content creator, I now utilize content creator tools that keep me up to date with social media trends. Social media is a powerful tool that you must be responsible with. I am very careful about the images that I post on any of my social media platforms as I understand what kind of impact it can have on others, as well as myself. Social media creates so many opportunities to create and tell your story. I have learned that social media is where people come to entertain themselves, educate themselves, to meet others with the same interests and find opportunities to hopefully change their lives. Social media has personally allowed me to understand my value to people and companies alike as a 50 plus year old man.
4.What does it mean to you to see other people like you on social media?
I love it! It’s really comforting to see other men and women in my age group crushing it on social media. It gives me that much more confidence in what I do with my social media pages. I find so much inspiration to continue to do what I am doing from others who look like me on these social media platforms. I love to see my vibrant gray-haired brothers and sisters leading the pack and creating a vibrant narrative of what it is like to be of advanced age. Going forward, I hope that I continue to see exponential growth of those who look like me on social media.
With her passion for skincare and encouraging women to embrace all that comes with aging, Debbie has built an impressive following, and partners with a variety of brands focused on health and beauty. Her posts are full of words of wisdom and accompany photos of her infectious smile.
1. What does it mean to thrive, how does social media from the connections you have made, to the way it empowers you tell your story help you do that?
Thriving to me is living free of the expectation of what society thinks you should look and act like. On social media I have found a wonderful community known as the Silver Sisters, amazing women of all ages growing out their gray/silver hair. Because of their strength, determination, and inspiration they gave me the courage to share a bit of my life and my journey with aging and gray hair. It gives me the opportunity to hopefully inspire and encourage others to redefine what beauty means.
2. How has social media allowed you to connect with people outside your generation?
I have found pro-aging and gray hair transcends many generations. Because we are changing society’s narrative on gray hair, this allowed the younger generation to feel more comfortable enough to let them grow out their natural hair. I have made a lot of connections with women in their 20’s, 30’s, and 40’s who now have gray/silver hair or who are transitioning. Positive aging lets the younger generations know that aging is not something to fear but look forward to, and that it is okay to look older because we are older!
3. What have you learned using social media?
I have learned I need to use reading glasses 100% of the time, and that I sure could use a tutor!
Social media allows you to inspire and be inspired. It is more than just squares on a screen, you can make meaningful connections and friendships all over the world. It could open doors and give you opportunities that you never thought existed.
4. What does it mean to you to see other people like you on social media?
I love it! I learn from them every single day. It bands us together. In our community there is no competition, only women supporting women and lifting each other up. Everyone has value and contributes something. There is room for everyone!
Making happiness a priority is this stylish model & actors’ philosophy. She deems herself the ‘Queen of Reinvention’ because she will embrace or forge change if it means staying happy, from working in corporate America, to becoming an educator, to opening her own sewing school to becoming a model and actor.
1. What does it mean to thrive, how does social media from the connections you have made, to the way it empowers you tell your story help you do that?
At 62, thriving means that I’m not allowing my age to stop me from doing things. I mention my age because sometimes people think that being over 60 means your life is over, and I guess when you’re young you might think that. But, honestly, 60 is when it really starts. It’s when you have more time to do the things you want to do. I’m getting to do things that I didn’t get to do when I was younger, because I was raising my family. Now my kids are grown, and I’m submitting self-tape auditions just about every week! I think thriving also means getting to be whatever you want to be. I don’t think you should limit yourself because of your age. Being on social media has allowed me to connect with other women who feel the same. If there are those who don’t feel that way, hopefully we will inspire them. They’ll see that we’re out here doing what we want to do, and one of those things is letting your hair be silver. You don’t have to dye your hair to be beautiful. That’s a societal norm. Are we really going to keep telling that lie?
2. How has social media allowed you to connect with people outside your generation?
Mostly through fashion. The majority of my content is fashion related and that’s one of the ways I’ve connected with younger followers. Fashion has no age. No matter how old you are, if you have style, you have style. Another way I connect with other generations is I also try to be very positive about life itself and about aging. It’s a beautiful thing to be able to be happy at any age. I call myself the “queen of reinvention” because I’ve had many different jobs and I am not afraid of change. I have changed careers to be happy. I’ve learned that my happiness is more important than money.
3. What have you learned using social media?
There are so many things I had to learn to use Instagram and I’m still learning! I’ve learned I can share about my life, style, and hair, and journey, and there’s value in that. Unfortunately, all this learning is very time consuming and I started wondering if it was bringing me happiness. That’s why I took a break to reassess, and also to focus more on acting and auditioning. But I can’t leave Instagram completely- I’ve made friends with so many amazing and supportive women within and outside the Silver Sister Community. I call them my IG friends! It’s a wonderful community and I love being a part of it.
4. What does it mean to you to see other people like you on social media?
It’s important because these are real people. It’s important for people to see what people really look like at certain ages. That breaks down that lie that you’re going to look a certain way when you reach 60 or 50. I don’t know what the number is when people consider you old anymore! I’m 62 and I still don’t think I’m old. My husband and I don’t feel old. We’re still active – we ride our bikes and play with our grandkids. We’re not the image of old people that’s out there. My grandson was watching a cartoon on YouTube, and the grandparents in the cartoon were portrayed as feeble and hunched over, and I was offended. We’re teaching kids that this is what grandparents look like, and that’s not necessarily true.
These influencers are combating ageism for themselves and their followers, forging an online landscape that celebrates aging authentically and welcomes all. While social media can be a negative space, reflecting and magnifying all your deepest insecurities, the pro-age pocket of Instagram is projecting positivity, turning societal insecurities on their heads. This on its own is demonstrative of why age diversity is important. We lose a wealth of experience and perspective when older generations are forced out of spaces, due to a lack of support. Influencers like these have fortunately found a way to support themselves, igniting new passions, learning new skills, and building new networks using social media.
But social media is not for everyone and thriving means something different for every individual. What about those who want to continue living the lives they’ve built, taking on new skills at work, finding new companies or new positions to apply their experience in, strengthening ties in their own community, and advancing the passions they’ve always had? For most people, it would take changes in company policies, boosts in protections from the government, investments in programs that encourage lifelong learning and engagement, and better access to healthcare, as outlined by the National Academy of Medicine in their Global Roadmap to Health Longevity. Aging is inevitable: let’s make it venerable and equitable.
Around the world, slightly less than one in four people (about 1.9 billion) were age 50 or older in 2020. This fraction has grown dramatically in recent decades and is expected to rise even more; in fact, by 2050 we estimate that roughly one-third of the global population (about 3.2 billion people) will be age 50 or older. As this population grows, its social and economic contributions will expand correspondingly; consequently, economies around the world have a tremendous opportunity to act now and develop public policies and business practices that meet the needs of an aging population. Doing so will maximize the social and economic productivity of older people, resulting in huge gains benefiting every generation.
In its newly released Global Longevity Economy® Outlook report, AARP and Economist Impact examine how consumer spending by those age 50-plus supports economic activity in a representative set of 76 economies which span six continents and collectively accounted for 79 percent of the world’s population and 95 percent of global GDP in 2020. Through our analysis, we are able to estimate the total impact of the 50-plus population’s consumer spending on global GDP, employment, and labor income during 2020-2050, with similar estimates produced for each of the 76 economies studied.
The Global Economic Impact of Older Consumers
Although one would expect a group as large as the 50-plus population to be economically important, our estimates are truly staggering. For example, we find that—despite representing only 24 percent of the world population—those age 50 or older accounted for half of global consumer spending ($35 trillion) in 2020. We expect this share to rise to 54 percent ($52 trillion) by 2030 and 59 percent ($96 trillion) by 2050. Spending at this scale has enormous economic consequences, as demonstrated by our impact estimates for GDP, employment, and labor income. Specifically, we find that consumer spending by the 50-plus population in 2020 ultimately stimulated the production of $45 trillion in final goods and services around the world, representing 34 percent of global GDP in that year. The same spending also supported about 33 percent of global employment (1 billion jobs) and 31 percent of labor income ($23 trillion). As large as these impacts already are, we expect them to rise substantially in future years due to the ever-increasing size and economic power of the global 50-plus population. By 2050, older people are projected to account for 39 percent of global GDP ($118 trillion), 38 percent of employment (1.5 billion jobs), and 34 percent of labor income ($53 trillion). Importantly, the values reported here only reflect economic contributions by the global 50-plus population that we can estimate with available data; prior AARP research suggests that older people also generate a significant amount of economic value through activities such as volunteer work and unpaid caregiving.
Beyond demonstrating the tremendous economic importance of the global 50-plus population, our analysis highlights many striking details. For example, we find that nearly 30 percent of the 50-plus population’s impact on global GDP in 2020 stemmed from foreign spending (i.e., older consumers buying goods and services produced outside of their domestic economy). This fact is critical, as it suggests that the global 50-plus population’s economic influence extends well beyond older, wealthier economies. In fact, our findings demonstrate that any economy—even one with a very young population—can benefit from the economic power of older people so long as it engages in global commerce. Especially notable examples in our set of 76 economies studied include Cambodia, Ghana, and Vietnam. Each of these economies had a below-average domestic 50-plus population share in 2020, yet all three derived more than 40 percent of their 2020 GDP from people age 50 or older (largely due to massive impacts from foreign spending by older consumers).
Maximizing the Economic Potential of Older Consumers to Benefit Every Generation
By demonstrating the significant and growing economic importance of the global 50-plus population, this report emphasizes the need for flexible public policies and business practices that meet the needs of every generation. More specifically, our analysis strongly supports the following practical steps for policymakers, business leaders, and the public at large:
Policymakers at all levels of government should develop and implement practical and actionable aging plans.
Businesses of every size must recognize that population aging represents a tremendous opportunity for growth and innovation.
Organizations providing economic guidance and support to developing economies should prioritize investments that meet the economic and social needs of individuals at every stage of the life course.
Society must recognize the value of unpaid economic activity and promote public policies and business practices which support those engaging in unpaid activities (e.g., caregiving).
Any business or economy wishing to succeed on a global scale must account for the spending power of older consumers, both domestic and foreign.
Changes such as these will foster the productivity of older people and produce economic benefits for every generation.
What would you tell your 100-year-old self? Today, thanks to increased longevity, we have opportunities unknown to prior generations. Longevity and the solutions to extend and maximize time for all requires action around the globe. In countries aging the best, half of 10-year-olds today may live to be 104. Business, community, and policy-making leaders have a responsibility to make sure people have more time to grow old with their spouses and loved ones, play cards with their friends and watch their grandchildren grow up.
Here are four trend-driven priorities for public- and private-sector leaders:
Close the gap between lifespan and healthspan. In 2050, there will be 3.2 billion people over age 50 in the world—a 70 percent increase from today. Much of that growth will happen in the next seven years, potentially reaching 2.3 billion people aged 50-plus by 2030. At the same time, many people are living longer. Life expectancy around the world has grown from age 67 to 73, and will be 77 by the year 2050. However, though life expectancy has increased, the gap between lifespan and health span—the years a person lives without disease—is also increasing. It is critical that leaders across industries and sectors close this gap.
Increase global market opportunities. Money matters—especially in a longer life. According to AARP’s Global Longevity Economy, in 2020, the 50-plus population contributed $45 trillion to the global economy—three times the combined revenue of the world’s 100 highest-earning companies. Think about that for a minute. Now what if I told you that this contribution is projected to surge to $118 trillion by 2050? Leaders in business are literally throwing money away by not tapping into the 50-plus market in terms of sales and market growth opportunities.
Reimagine the workforce. As people live longer, many choose to continue working well past traditional retirement age for a variety of reasons: They need the money, they enjoy the work, and/or they enjoy the social connection that work provides. This presents a never-before-seen opportunity and responsibility for governments, employers, and people of all ages to reimagine what it means to earn and learn over a lifetime. Inclusive workplaces and workplace diversity can strengthen business resilience, increase productivity, unlock a broader set of market opportunities, provide more worker satisfaction, and spark innovation.
Eliminate disparities which stifle economic growth and hurts us all. Though life expectancy has grown,disparities in life expectancy across races and ethnicities have worsened during the pandemic. Not only do these inequities harm individuals and families, we all suffer as a result. Eliminating disparities in life expectancy—and ensuring everyone has the same opportunities to live longer and healthier lives—has the potential to offset economic and social costs. The U.S. is projected to miss out on a potential $1.6 trillion (5.1%) in GDP in 2030 if we do nothing to solve this. And, we risk harming yet another generation and continuing centuries of injustice and inequality.
Longevity is one of the greatest gifts of humankind. It is extending the powerful and precious commodity of time. Time is the most valuable and precious resource, and one you can never get back once you’ve spent it. Increased longevity not only gives us more of that time, it also willinfluence how we work, manage our finances, maintain our health, plan for retirement, and care for our families.
The public and private sectors must come together to bridge the gap between health span and lifespan, harness the economic and employment opportunities inherent in a workforce that embraces those over age 50 and solve inequities to create a more resilient and inclusive future. The concept of longevity is one thing, but seeing healthy longevity play out for generations to come is, indeed, something that has the potential to make the world a better place.
Dr. Jean C. Accius is Senior Vice President for AARP Global Thought Leadership. He is a nationally recognized thought-leader on aging, longevity, health and long-term care policy. Find out more about his work with AARP here.
