The Silver Industry Conference and Exhibition (SICEX), held at Suntec Convention Centre from Thursday to Sunday ( 10 - 13 Jan 2008 ) aims to explore the opportunities for an ageing Asia. Speakers include Minister Mentor Lee Kuan Yew and Nobel laureate Robert Merton from Harvard Business School.
According to the Department of Statistics, one in 5 residents in Singapore will be 65 years or older in 2030. Those moving into their late 50s and 60s have more spending power and hence represent a rich market for " silver" products.
Singapore is a good launchpad for the silver industry. Three industry experts at the SICEX gave this endorsement.
Dr Joseph Coughlin, founder and director of the Agelab in the Massachusetts Institute of Technology - the high standard of living here made the country a good example for active ageing. Ageing is about extended quality of life. Singapore could be a living laboratory for the rest of the world to understand how longevity could be good living, not just longer living.
Mr Paul Hancock, Prudential Asia's head of pensions - how his insurance company chose Singapore out of a list of 12 countries as a place to a new financial product. The reason : the legislative framework.
The 3rd expert - Prof Robert Merton, a Nobel laureate in economics, gave the most fulsome praise on Singapore's strategic advantage. One feature he highlighted was the country's good reputation, which Singapore has this "reputational capital"
This is something of great feeling. As somebody looking at us from outside, he has seen a number of strengths that we have and we think these are valid strengths, and Singapore should make use of these strengths to develop the silver industry so businesses can tap the silver market.
Dr Joseph Coughlin also shared his tips on how businesses can tap the opportunities of an ageing Singapore and how people can age well.
Seven ways to rethink longevity and age well.
1) Focus on health and wellness across one's lifespan - not disease.
2) Redefine old age as "quality living".
3) Embed technology into education, health, leisure and daily life to help people live longer.
4) Do not develop products specially for the old. Design services instead for "convenience" that can be used by people as they turn 50, 60, 70 and older.
5) Keep working. Redesign your work, like, a more flexible work arrangement. Or try a different job.
6) Instil lifelong education. A degree from 40 years ago may not be relevant, so get back to school.
7) Institutionise the idea of innovation. Build it around stakeholders and industrialise the process. Export it to the rest of the world.
