Over-50s market a challenge - Cowen

THE BURGEONING over-50 age group provides Ireland with opportunities to develop new products and services aimed at the sector, according to Taoiseach Brian Cowen.

Mr Cowen told the Business of Ageing Conference at the Royal Hospital Kilmainham, yesterday, that shifting demographic patterns – which meant that for the first time in history there would be more people over 65 than under five – were presenting all countries with challenges which required courage and imagination to tackle.

He said the needs of enterprise and the needs of social solidarity were not mutually exclusive and that Ireland had the potential to become a centre of excellence in the “silver market”.

“By ensuring older people have a decent disposable income in their golden years, we can also generate business and jobs if Irish companies can think smart, produce the right products and services that our older people need and market them in the appropriate way.”

While the over-50s market was becoming the fastest-growing market in the world, it was also one of the wealthiest, he said.

Mr Cowen outlined various projects that were already under way which will give Ireland a “vital advantage” in tapping into the sector.

These include a research programme partnership between the IDA and Intel Ireland which is exploring technology solutions to support independent ageing, and the first Irish Longitudinal Study on Ageing – currently being undertaken by Trinity College Dublin with financial assistance from the Department of Health and Children and private companies.

This study will give a comprehensive insight into the health, lifestyles and financial situation of 8,000 to 10,000 people as they grow older.

Yesterday’s conference, which was attended by more than 300 people, explored the implications and business opportunities created by the changing population profile.