Social and economic potential of silver population in Slovakia

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Publishing House of Wrocław University of Economics Wrocław 2016

Quality of Life.

Human and Ecosystem Well-being

PRACE NAUKOWE

Uniwersytetu Ekonomicznego we Wrocławiu

RESEARCH PAPERS

of Wrocław University of Economics

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Copy-editing:RafałGalos Layout:BarbaraŁopusiewicz Proof-reading:BarbaraŁopusiewicz Typesetting:AdamDębski Coverdesign:BeataDębska Informationonsubmittingandreviewingpapersisavailableonwebsites: www.pracenaukowe.ue.wroc.pl www.wydawnictwo.ue.wroc.pl ThepublicationisdistributedundertheCreativeCommonsAttribution3.0 Attribution-NonCommercial-NoderivsCCBY-NC-ND © CopyrightbyWrocławUniversityofEconomics Wrocław2016 ISSN 1899-3192 e-ISSN 2392-0041 ISBN 978-83-7695-590-2 Theoriginalversion:printed PublicationmaybeorderedinPublishingHouse WydawnictwoUniwersytetuEkonomicznegoweWrocławiu ul.Komandorska118/120,53-345Wrocław tel./fax713680602;e-mail:econbook@ue.wroc.pl www.ksiegarnia.ue.wroc.pl Drukioprawa:TOTEM

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Introduction

OnSeptember21-22,2015,6thInternationalScientificConference“QualityofLife 2015.HumanandEcosystemsWell-being”washeldinWrocław. Theconferencewasapartofthecycleoftheconferencesonthetopicofquality oflifethathavebeenorganizedbytheDepartmentofStatistics(WrocławUniversity ofEconomics)since1999.Theaimofthecycleistoparticipateinthestillrising alloverthewordwaveofscientificstudiesonqualityoflife:ethicalbackground anddefinitionsofqualityoflife,investigating(howtomeasureit),presentingthe resultsofdifferencesofqualityoflifeovertimeandspace,itsinterdependences with natural environment, mathematical methods useful for the methodology ofmeasuringqualityoflifeandfinally–possiblemethodsofimprovingit.The conferencesaremeanttointegratethePolishscientificcommunitydoingresearch onthesetopicsaswellastomakecontactswithforeignscientists.

ThisyearourhonoraryguestwasProfessorFilomenaMaggino,pastPresident of International Society for Quality-of-Life Studies (ISQOLS), who presented aplenarylecture. Wehostedabout30participants,amongthemscientistsfromSpain,Romania, ItalyandJapan.Wehad24lecturesonsuchavarietyoftopicsascarbonfootprint andmathematicalpropertiesofsomeestimators.Thecommonbackgroundofall ofthemwastobettercomprehend,measureandpossiblytoimprovethequalityof humans’life. Thepresentvolumecontainstheextendedversionsofsomeselectedlectures presented during the conference. We wish to thank all of the participants of the conference for co-creating very inspiring character of this meeting, stimulating productivediscussionsandresultinginsomepotentiallyfruitfulcooperationover new research problems. We wish also to thank the authors for their prolonged cooperationinpreparingthisvolume,thereviewersfortheirhardworkandformany valuable,althoughanonymous,suggestionsthathelpedsomeofustoimprovetheir works.

Finally, we wish to thank the members of the Editorial Office of Wrocław University of Economics for their hard work while preparing the edition of this volume,continuouskindnessandhelpfulnessexceedingtheirdutiesofthejob.

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PRACE NAUKOWE UNIWERSYTETU EKONOMICZNEGO WE WROCŁAWIU RESEARCH PAPERS OF WROCŁAW UNIVERSITY OF ECONOMICS nr 435 ● 2016

Quality of Life. Human and Ecosystem Well-being ISSN 1899-3192

e-ISSN 2392-0041

Alena Kascakova, Luboslava Kubisova

UniverzitaMatejaBela,BanskáBystrica

e-mails:alena.kascakova@umb.sk;luboslava.kubisova@umb.sk

SOCIAL AND ECONOMIC POTENTIAL

OF SILVER POPULATION IN SLOVAKIA

SPOŁECZNY I EKONOMICZNY POTENCJAŁ

SENIORÓW NA SŁOWACJI

DOI:10.15611/pn.2016.435.08 Summary:Demographicageinggraduallyincreaseinthegroupoftheoldestpopulationin theadvancedcountriesoftheworld.Seniorshavetheirtypicalhabitsconcerningconsumption, savings,andinvestmentsastheirincomeandexpenditurehavebeenchangingalongsidetheir social,professionalandfamilyroles.InSlovakia,theincomeandexpendituresituationof seniorscanbecharacterisedbylowincomelevelsandhighexpenditureonnecessaryitems andhealth.Silverhouseholdsliveonlowerincomesandtheyarenotabletosustainthesame standardoflivingaswhentheywereprofessionallyactive.Theirmembersperformmore unpaidworkwithinthehouseholdsandtheirsubjectivefeelingofhappinessisgettinglower. TheaimofthearticleistousethestatisticsofHouseholdBudgetSurvey,EUSILCdata andISSPSlovakiasociologicalsurveytocharacterizeandevaluatethesocialandeconomic situationofthesilverpopulationinSlovakia. Keywords: silvereconomy,ageing,healthyageing,unpaidwork.

Streszczenie: Społeczeństwa krajów rozwiniętych stopniowo starzeją się. Seniorzy mają swojezwyczajedotyczącekonsumpcji,oszczędzaniaorazinwestowaniazracjitego,żeich dochodyiwydatkizmieniałysięwrazzrolą,jakąpełniliwspołeczeństwie,pracyirodzinie.Na Słowacjisytuacjaseniorówcharakteryzujesięniskimidochodamiorazwysokimiwydatkami nakoniecznetowaryiopiekęzdrowotną.Wzwiązkuztymseniorzyniesąwstanieutrzymać poziomużyciazokresu,kiedybyliaktywnizawodowo.Wykonująoniwięcejnieodpłatnych pracwswoichgospodarstwachdomowych,aichsubiektywneodczucieszczęściaobniżasię. Celem artykułu jest wykorzystanie danych Badania Ankietowego Budżetów Domowych, systemu gromadzenia danych, a także danych socjologicznego badania ISSP Słowacja do scharakteryzowaniaiocenyspołecznejiekonomicznejsytuacjiseniorównaSłowacji. Słowa kluczowe: srebrna gospodarka, proces starzenia sie, zdrowe starzenie się, praca nieodpłatna.

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126 AlenaKascakova,LuboslavaKubisova

1. Introduction

TheUNestimatesthatby2050thoseover65willoutnumberchildrenunderfivefor thefirsttimeinhumanhistory.Theeffectofthisdemographicshiftwillbefelt differentlyamongaffectedcountries.Inmostdevelopedcountriesoftheworld,their residents have become wealthy before getting old, so the older generation have considerable purchasing power. However, in many countries of the world, e.g. emergingeconomiessuchasChinaandSouthKorea,peoplewillgetoldbeforethey getrichenoughtocompensatetheeconomicpowerofthefewerandconsumers. Governmentshavelargelyrespondedtopopulationageingbychangingthepolicyon pensions and healthcare, increasing the retirement age and shifting more responsibilityforpensionsandhealthonindividuals[Cohen2014].

The population in EU is ageing rapidly due to increasing longevity and low birthrates.TheCommission’sAgeingReportpredictsthattheratiooffourpeople ofworkingage(15-64)perevery65+personin2013,willdecreasetojusttwoby 2060.Thistrendbringsbothchallengesandopportunities.In2012,theannualold agerelatedgovernmentexpenditureforsocialprotectionrepresented8%ormoreof theGDPoratleast40%oftotalgovernementexpenditureonsocialprotectionin theEU27.Thisissettoriseby4.1percentagepointsofGDPby2060.Healthcare expendituresfortheEU27areexpectedtoincreasefrom7.1%GDPin2010to8.3% in2060intheEUasawhole.Theseestimatesposeseriouschallengestothecurrent health and social care systems. The negative demographic trends will inevitably resultinashortageofworkersandtheadverse“supportratio”,definedastheratioof producerstoeffectiveconsumers[CommissionoftheEuropeanCommunities2012].

At the same time, the ageing population gives rise to the so called “silver economy”,definedbyEUCommissionasrepresenting“theeconomicopportunities arising from the public and consumer expenditure related to population ageing and the specific needs of the population over 50.” This concept tries to tackle ageingholistically,includingabroadrangeofpolicies,suchasthoseonthebuilt environment,50+employment,life-longlearningandpreventativehealthcare.Italso countsonthedevelopmentanduseofnewtechnologiestolowerthecostsofageing andimprovethelivesofoldercitizenswhilecreatingnewbusinessopportunities thankstoanexpectedsubstantialvolumeofglobalspendingpowerofthoseaged 60+.Thesilvereconomyalsosupportseffortstopromoteactiveandhealthyageing, increasetheemploymentandemployabilityrateofolder(e.g.aged55-64)workers andemploymentopportunitiesinelderlycareandthehealthsector[EC2015]. Slovakia,liketheotherEUmemberstates,needstodealwithsimilartrends relatedtodemographicchange,alhoughithasyoungersocietythantheEUaverage. Ontheotherhand,thestandardoflivinginSlovakiaisstillwellbelowtheonein the“oldMemberStates”,soitisclearsoundpoliciestacklingpopulationageing shouldbeintroducedasearlyaspossible,usingtheexperienceandgoodpractices employedabroad.

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SocialandeconomicpotentialofsilverpopulationinSlovakia 127

2. Demographic and economic situation

of the Slovak silver population

Withthedemographictrendsastheyare,theagecohortsthataregrowingthefastest bothinEuropeandSlovakiaarethoseaged50+.Thisistheresultoflowerfertility rate(1.55inEurope(EU28)in2013,1.34inSlovakia)andarisinglifeexpectancy, with77.4yearsformenand83.1forwomenin2012(72.9formenand80.1for womeninSlovakia,in2013).Inaddition,postwarbabyboomresultedinahigh increaseofthepopulationthatisnowreachingretiringage.Inspiteofgrowing,the old-agedependencyratioinSlovakiaisstillconsiderablylowerthaninsomeother EUcountriesandtheEUaverage. Figure 1. Old-age-dependencyratioin2001-2013 Source:owncalculationbasedondatafromEurostat. In2012,theshareofthe50-64agegroupintheSlovakpopulationwas20.3%, whilethe65-79agegroupaccountedfor10.5%andthe80+yearoldswas3.1%for theSlovakpopulation.Thesesubgroupshavetheirspecificneedsandpreferences which, along with the lower income levels, will determine the extent of their consumptionindifferentexpenditurecategories. ThedatafromtheHouseholdBudgetSurveyfor2005and2012informusthat theincomesofSlovakhouseholdswerecontinuallyrisinginthegivenperiod.When recalculatedfortheconstantpricesof2012,wecanseethegrowthofrealincome inamoredetailedstructureinrelationtotheagecategoryofthereferenceperson inthehousehold.AsFigure2shows,thehighestincomeswereintheagegroupof 25-49years,buttheygrewtheleast,onlyby11.3%.Thefastestincomegrowthwas

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128 AlenaKascakova,LuboslavaKubisova recordedinthecategoriesof65+yearsofageanditwasrelatedtotheincreaseof oldagepensions.Themorepopulousagegroupof65-79recordeda30%increasein incomes,whereastheincomesoftheagegroupof80andoverincreasedby26.7%. We have to account for the fact that the incomes rose also due to the increased numberofpeopleintheolderagecategories. Figure 2. NetmoneyincomeperhouseholdbyagecategoryofreferencepersoninSlovakia Source:owncalculationbasedontheHouseholdBudgetSurvey. Figure 3. Structureofincomeitemsfromtotalmoneyincomebyagegroupsin2012 Source:owncalculationsbasedonEUSILC. Whenwelookatthestructureofincomesatdifferentagegroups,wecansee thatalreadyattheagegroupof50–64,theincomesfromemploymentandbusiness

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SocialandeconomicpotentialofsilverpopulationinSlovakia 129 activitiesdropinfavouroftheincomefrompensionsandthatintheagegroups65+, almostallincomecomesfrompensions.Thisshouldbetakenintoconsideration whenprojectingthesilvereconomypotentialinthefuture. Asfortheexpenditurepatterns,theaverageexpenditureperhouseholdmember rosefrom2,935eurosin2005to3,950eurosin2012.However,theexpenditures rosemoreslowlythanincome,whichallowedfortheaccumulationofsavings.In 2012,thehighestmonthlysavingswerecreatedintheagegroupof50-64yearolds with181eurosperhousehold,followedby65-79cohortwith103eurosandthegroup of25-49yearoldswith97eurosperhousehold.Thelowestsavingswerecreated intheagegroupof80+withapproximately80eurosamonthperhousehold.The differentincomelevelsandconsumptionpatternsofindividualagecategoriesalso resultedinadifferentstructureoftheirexpenditures. Figure 4. OverallstructureofconsumptionexpenditurebydetailedCOICOPlevelbyagecategory in2012inSlovakia Source:owncalculationbasedonHouseholdBudgetSurvey. Wecanseeinthefigureabovethatspendingthatispositivelycorrelatedwith age belongs to the category of the so called obligatory expenses, i.e. expenses forfoodandhousing,andhealth,whichamountstoasmuchas72.7%ofthe50+ househoulds’expenditure.Naturally,inalmostallothercategoriesofconsumption the expenditure drops quite sharply with age. Compared to other EU countries, namelythe“old”EUmembers,mostSlovaksilverhouseholdsdonotrepresenta considerablepotentialdemandintermsoftheirbuyingpower.Somepotentialcan beseeninthefactthatasof2006,therehasbeenapositivedifferencebetweenthe incomesandexpendituresrepresentingsavingsthatcouldbeusedbytheretiredin thefuture.Onthewhole,ourfindingscorrespondtotheprognosisthatthepotential demandofsilvergenerationwillonlyriseslowlyinSlovakia[Pauhofova,Palenik 2013].

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130 AlenaKascakova,LuboslavaKubisova AsEUcountriesareconsideredtohaveagedaftertheygotrich[Steinbergetal. 2006],thechallengesandopportunitiesofageingintherichcountriesmayoffset eachotherprovidedthatthesoundpublicpoliciesareintroducedandtheattitudes towards active ageing change both in policies and practice. Given the economic situationofthecurrentsilverpopulationinSlovakia,though,thechallengesmay outweightheopportunitiestoalargeextentinnearfuture.

3. Productive output of the silver economy and active ageing

Initswiderinterpretation,silvereconomydealswithageingfromseveraldifferent perspectives,notonlyfromthestandpointofcreatingademandforspecificgoods and services. As mentioned above, it also supports policies that concern built environment,employmentandemployabilityofthe50+generation,lifelonglearning and preventative healthcare. The aim of these policies is to promote active and healthyageing,countingontheassumptionthattheeconomieswillsoonlackthe skilledworkforce,soitwillbeimportantnottolosethepotentialthatolderworkers represent.InthewordsoftheGlobalCoalitiononAgeing,the“agingpopulations canbedriversofproductivityandwealthcreationbyremainingactive,engagedand working.Capturingthisworkforceenginewillnecessitateworkplaceadaptations, newdefinitionsofretirementandsavings,andinvestmentinlifelongtrainingand education”[AgeingPopulation2015]. Worldhealthorganisationdefines“activeageing”asaprocessofoptimising opportunitiesforhealth,participationandsecurityinolderagetoenhancequality of life as people age. Active ageing allows people to realize their potential for physical,social,andmentalwellbeingthroughoutthelifecourseandtoparticipate insocietyaccordingtotheirneeds,desiresandcapacities,whileprovidingthem withadequateprotection,securityandcarewhentheyrequireassistance[World HealthOrganisation2002]. Apartfromitsproductivepotential,itisevidentthatactiveageingislinkedto betterhealthstatusandthereductionindiseasesconnectedwithageing,whichleads toreductionofhealthcarecosts.Someauthorsevenproposethatasstayingactive throughsocial,physicalandcognitiveengagementcontributestocontinuedhealth andindependenceinlaterlife,itshouldbeconsideredasapositivecontributionto societyasitminimizesthedependencyoftheoldonthehealthandsocialservice systems[Caro,Bass,Chen1993,[in:]Dosmanetal.2006].TheEUhaslaunched some initiatives that support active and healthy aging and increase healthy life expectancy.Someoftheproposedsolutionscouldbeimplementedalsowiththe helpofEUfinancialinstruments,mainlybytheEuropeanSocialFund,Healthfor GrowthProgramme,andotherEUinstruments,e.g.forresearchandinnovation, cohesionfunds,educationalsupportandprogrammesonemployment,socialpolicy and inclusion [Ahtonen 2012]. Slovakia has the lowest healthy life expectancy

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SocialandeconomicpotentialofsilverpopulationinSlovakia 131 inallEU28countries,sothisisclearlyoneofthebiggestareasforpublicpolicy interventionsaimedatcopingwiththenewdemography. Figure 5. Healthylifeexpectancy(inyears)inEuropeancountriesin2012 Source:owncalculationsbasedondatafromEurostat. Datashowthatthereisalinkbetweenthehealthstatusofanindividualandtheir feelingofhappiness.Itisinterestingtosee,however,thatthecorrelationcoefficients vary quite substantially across a range of countries. In Slovakia, the feeling of happinesscorrelateswithhealthstatusquitestrongly,whichisanotherreasonwhy increasingthehealthylifeexpectancyshouldbecomeapolicypriority. Figure 6. Spearman’scorrelationbetweenthehealthstatusandfeelingofoverallhapinness indifferentcountries Source:owncalculationsbasedonISSP2012data. Activeandhealthyageingisnotanewphenomenon,though.Manyoldpeople continue to be productive long after they have stopped working in paid jobs or havingtheirownbusinesses.Thegeneralperceptionthatthepeoplewhoretireare

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132 AlenaKascakova,LuboslavaKubisova unproductivefromtheeconomicpointofviewhasbeenchallengedbyrecognizingthe factthatitisnotonlyinthelabourmarketwhereonecancontributetotheeconomic output.Onthewhole,thevalueofunpaidworkhasbeenestimatedtoaccountfor 20to60%oftheGDP,dependingonacountry[OECD2011].Indeed,theresults oftheresearchonretirementandproductiveactivity[Dosmanetal.2006]show thatpeoplewhostopgoingtoworkdonotstopworkingandtheysimplysubstitute paid work for unpaid work activities. Thus, their productivity may not diminish substantially.Theauthorsclaimthattheretiredandseniorsseenasaburdentothe society,expressedbythecalculationofdependancyratio,arethustobechallenged asassumptionsofthecurrentpolicydebateonpopulationageing.Thedefinitions ofproductiveactivitiescitedbytheauthorsfocusonthefactthattheycomprise theactivitiesproducingthegoodorservicethathasvalueandthatisprovidedto anotherperson.Suchactivitiesnaturallyincludeunpaidworkactivities.Acommon wayofmeasuringunpaidworkactivitiesisthroughtheexpenditureoftime.Four broaddomainsofproductiveactivityaredistinguished:paidwork,householdwork, helpprovidedtoothers(childcareandadultcare)andvolunteerwork.Studiesshow thatolderpeopledotakepartinproductiveactivitiesandevenmoresoafterthey retire,intheformofunpaidwork.Thismeansthatevenwhenretired,they“continue tomakeeconomicallyandsociallyvaluablecontributionstothesociety”[Dosman etal.2006,p.406].

When we look at the amounts of time spent on household work and care of familymembersindifferentEuropeancountries,wecanseethatinallofthenewer and“poorer”EUcountriesseniorsspendmoretimeontheseactivitiesweeklythan theaverage,uptoover35hours(inCroatia).Thedistributionpatternsofthehours amongthethreesenioragecategoriesdiffer,withsomebeingmostactiveintheage of50-64,othersin65-79.Aswecanseeinthefigure,inthecountrieswithmore hoursspentonhouseholdworkandfamilymemberscare,thenumberofhoursdrops considerablyinthelastagecategory80+.Thiscouldbeaffectedbythelowerhealthy lifeexpectancythaninthecountriesinwhichhealthylifeexpectancyishigher. BasedonthedatainFigure7abovewemaysuggestthatseniorsinthepoorer countriesofEuropemakeupfortheirlowerconsumptionspendingbyproducing more economic output and thus balancing their contribution to the economy. However,thisneedstobeconfirmedbyamorerigorousanalysisofthedataabout unpaid work activities, as the ISSP data do not include volunteering time and somestudiesshowthatpeopleinCentralandEasternEuropespendlesstimeon volunteeringthanintheoldEUmemberstates[Plagnol,Huppert2010].Thiscould meanthatthelongerhoursspentonhouseholdworkandfamilymembers’carein theC&Ecountriescouldbeoffsetbymorevolunteeringworkinthecountriesof WesternandNorthernEurope. Whereasmanycountriescollectdataonunpaidworkthroughregularnational surveys, e.g. Time Use Surveys, in Slovakia there was only one pilot of such a survey,whichwasperformedin2005.Apartfromthis,incompletedataonunpaid

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Figure 7. Unpaidworkcomprisinghouseholdworkandcareoffamilymembersdonebytheseniors indifferentcountries

Source:owncalculationsfromISSP2012.

work could be obtained from the results of ISSP (International Social Survey Program)Slovakia,moduleFamily.In2012,thisshortageofdataledresearchers fromMatejBelUniversitytoexecuteprimaryresearchintothesubjectsupportedby theVEGAgrant“TheLabourMarketintheSpecificContextoftheUnpaidWork, theMeasurementofUnpaidWorkValueanditsImpactsonHouseholds,theBusiness SectorandtheEconomy”followedbytheVEGAsupportedproject“Unpaidworkas apotentialsourceofsocialandeconomicdevelopmentanddeterminantofindividual well-being”. The aim was to obtain the data on unpaid work in Slovakia of an appropriatescaleandstructure[Kascakova,Nedelova2014].Apartfromthedataon unpaidwork,thesurveyprovideddataonthemotivationstodounpaidworkaswell asthesatisfactionofrespondentswiththeirsociallifeandsomeothersociological characteristics. From the survey carried out in 2015 we know that there is a statisticallysignificantnegativecorrelationbetweenageandsatisfactionwithone’s sociallife,i.e.theolderpeopleget,thelesssatisfiedtheyarewiththeirsociallife. ThisconfirmstheunfavourablesituationofSlovaksilverpopulationwithregardto activeageing.Thedataonunpaidworkincludingvolunteeringforseniorhouseholds fromthissurveyareyettobeprocessedandanalysed. Insomecountries,suchasAustralia,thepolicymakersfocusonstrategiesfor serviceprovisiontofuturecohortsofolderpeoplethatincorporatetheunderstanding ofhowsocialcapitalmaybenefitcommunities.Withintheresearchonsocialcapital, considerableattentionhasbeenpaidto“theimportantrolethatsocialnetworksplay inlaterlife,particularlyinsupportingolderpeopletoremainindependentintheir

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134 AlenaKascakova,LuboslavaKubisova community,despitetheonsetofchronicdiseaseanddisability”[Barr,Russel2006, p.211].Theauthorsemphasisethatitisimportantforolderpeopletobeableto accesseconomic,socialandpoliticalinstitutionsandservicesthatareavailablefor theminordertostayindependentintheirownhomes.Understandingthenatureand preconditionsforformationofthesocialcapitalwithinacommunityissupposed tobeimportantfordraftinggovernmentpoliciesrelatedtoseniorsinsuchareasas urbanandsocialplanning,orcommunitycapacitybuilding.

4. Conclusions

Demographicchangeswillnotonlyaffecteconomicgrowthandfiscalsustainability, butalsoindividual,familyandsocialstructuresandtheirfunctioning.Slovakiahas notyetreachedthesamelevelofageingasother,richerEUcountriesyetitwillface thesamedemographicshiftsinthenearfuture.Ingeneral,countrieswhoseolder populations have become rich during their working life can benefit from their accummulatedwealthbygrowingbusinessopportunitiesrespondingtotheirneeds fornewproductsandservices.However,evenincountrieswithlowpensions,the silvereconomyisboundtogrowasseniorssubstitutetheirpaidworkwithunpaid work and contribute to the economic output. The public policies supporting the silver economy, namely promoting active and productive ageing and increasing healthylifeexpectancymayhelptoaddresstheimpactofthenewdemographyon theeconomy.ThepanelofexpertsfromvariousfieldsinvitedbyOECDtodiscuss theopportunitiesofthesilvereconomyasaresponsetopopulationageing1_have

proposed that policy reforms should also concern traditional views of ageing, technologysolutionstosupportnewworkpracticesandconnectcommunities,new andflexiblemodelsforcaregiversandpensionstohelppeopleworklonger,social entrepreneurshipenabledbypublicpolicyframeworksandlifelonglearingthrough bothformalandinformaleducation,andnewwaysoffinancingpensions. AsforSlovakia,datashowthatthesilvereconomyismorelikelytobedrivenby workingratherthanconsumingseniors,eveniftheirworkisnotlongerdonewithin themarketandincludedintheGDP.However,lowhealthylifeexpectancyandlow participationoftheoldinactivitiesoutsidetheirhomes,demonstratedbylowrates ofvolunteeringanddecreasingsatisfactionwithone’ssociallifewithage,willneed tobeaddressedbyappropriatepublicpoliciesbasedonnewconcepts,suchasactive ageing,lifelonglearningandsocialcapital. Acknowledgements TheresearchwassupportedbytheGrantAgencyAPVVprojectAPVV–0309 –11andbytheGrantAgencyVEGA,projectVEGA1/0935/13. 1 _{ExpertConsultationon„TheSilverEconomy:Facts,ChallengesandOpportunities”,26June} 2014,http://www.oecd.org/sti/silver-economy-facts-challenges-and-opportunities.htm.

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