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The Oregon Journalism Project recently reported on warnings from Oregon’s state economist regarding the rapidly growing aging population in the state. The state economist points out that older adults now outnumber children, as has been noted by AARP, and will “drag down local economies.”
It is observed that older adults “earn and spend less” and therefore “funding and resources get focused on older citizens,” which can lead to dwindling resources for public education and childcare. The state economist postulates this can lead to younger people being less willing to see Oregon as a viable option for setting up the homestead.
The facts are the facts. Oregon is indeed aging. We are the 11th oldest state in the union, and yes, older adults now outnumber children. As lifespans increase, people are now living longer across the board and are able to maintain their independence much longer than our grandparents, great grandparents and Oregonians in the 1800s, who were looking at a life expectancy of roughly 40 to 44 years. Today the average life expectancy is 79 years, the highest it has ever been.
Aging is a tough topic. We hope to age gracefully and enjoy the “golden years.” But the realities of aging are often a taboo topic, one that creates discomfort in conversation. However, that discomfort cannot take away the positive impact older adults are making locally, at the state level and nationally.
Older adults, defined as age 50-plus, are driving $12.5 trillion in economic activity annually. They generate 43% of the United States’ gross domestic product and support 98 million jobs. Workers age 50-plus make up over one-third of the U.S. labor force, with older adult participation in the workforce tripling over the last 25 years.
Households headed by adults over the age of 55 hold approximately 69% of the nation’s wealth. They are responsible for the largest majority of retail and service spending in the nation. They help add to the growth of the healthcare workforce in Oregon, one area where there continues to be strong demand for workers. Older adults provide millions of hours in unpaid labor including childcare and family caregiving.
Outside of their economic impact, older adults provide intergenerational mentoring, volunteerism and family support. Older adults are an informal ‘glue’ that brings community together through a sense of belonging and cohesion. There are numerous examples of how interaction of older adults with children, teenagers and college-aged students brings positive benefits to all parties involved socially, mentally and emotionally.
Engaging older adults in the conversation on how to strengthen Oregon’s economic landscape, how to drive further growth and prosperity, and how to avoid mistakes of the past can only strengthen our state.
Recognizing the benefit, not the perceived “drag” on local communities will help create a blueprint for our state that learns from the past and adds that voice to the future. Older adults helped build the communities, institutions and economy we live in today. We should work together to join their ranks in the future.
