Abstract
A “silver economy” can drive economic growth. The key condition is effective demand, determined by the number of financially secure members of the elderly population. The aim of this study is to assess the conditions of the Russian “silver economy”, identify the constraints on its growth, and develop recommendations for their elimination to achieve Sustainable Development Goals. We applied multivariate statistical analysis methods. The absolute and structural numbers of elderly people in Russia were found to not differ much from those in the developed countries of Europe. Their financial support exhibits several important features. A state pension plays a key role in financing the needs of Russian pensioners. Income from labor occupies the second position. Asset-based reallocations are negligible. Public programs will improve the standard of living of current pensioners. For future pensioners, it is important to increase the income received from asset-based reallocations. Russian pensioners were found to have had a negative experience of participation in the funded pension system. It is necessary to stimulate the voluntary participation of future pensioners in the funded pension system and to change the regulation of the investment activities of pension managers. In general, the formation of conditions favorable to the “silver economy” may turn it into a driver of sustainable development in Russia.
Highlights
The Sustainable Development Goals include parallel efforts to boost economic growth and make decisions on a range of education, health, social protection, and employment issues
We checked the existence of the demographic conditions of the “silver economy” in Russia—the total number and share of elderly people compared to developed countries
Russia is no exception in this regard
Summary
The Sustainable Development Goals include parallel efforts to boost economic growth and make decisions on a range of education, health, social protection, and employment issues. Since the last quarter of the 20th century, worldwide, including in Russia, population aging has been perceived primarily as a threat to the stability of pension systems and healthcare systems, a brake on labor productivity and economic development, and a source of a systemic crisis in states with a developed social policy For this reason, researchers are focusing on the economic and fiscal implications of aging. At the international level, there is growing recognition of the change in the stereotypical perception of older people in society from a “burden” to a social resource that opens up new opportunities in the spheres of consumption, lifestyle and quality of life, education, and economic, social, and political activity These conclusions make it possible to move away from the narrow fiscal and “crisis” interpretation of aging to the perception of it as a source of new opportunities for socio-economic growth in general through the development of the “silver economy”
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