Economics and Aging: Emerging Issues
Economics and Aging: Emerging Issues
Contributor(s): Ivana Barković Bojanić (Editor), Aleksandar Erceg (Editor)
Subject(s): Family and social welfare, Demography and human biology, Gerontology, Socio-Economic Research
Published by: Sveučilište Josipa Jurja Strossmayera u Osijeku, Ekonomski fakultet u Osijeku
Keywords: Demographic trends; aging population; elderly population; economics and aging; socio-economic consequences of aging; welfare of elderly people;
Summary/Abstract: Population aging is an unstoppable demographic trend on a global level. Data and estimations point out that by 2030, 1 in 6 people will be 60 years and over, and the share of the population aged 60 and over will increase from 1 billion in 2020 to 1.4 billion. Furthermore, by 2050, the world’s population aged 60 and older will reach 2.1 billion. Persons aged 80 years and older are also expected to triple between 2020 and 2050, reaching 426 million (World Health Organization, 2021). Prolonged life expectancy, as well as changes in the age structure of the population, where the share of the elderly population is increasing and the share of the working population is on a downward trajectory, have significantly changed perceptions and paradigms related to an individual and collective approach to aging and its consequences for the economy and society as a whole. The perception of the traditional pattern of the life cycle - education, work, retirement – is changing. Individuals, organizations, and society are facing far-reaching consequences that require personal, organizational and socio-political intervention in creating a social environment capable of mitigating macroeconomic pressures and creating an environment that is friendly towards the older population and their needs and abilities. [...]
- E-ISBN-13: 978-953-253-193-0
- Print-ISBN-13: 978-953-253-192-3
- Page Count: 238
- Publication Year: 2022
- Language: English
Demographic Transition – Morbidity and Causes of Death of the Elderly from 2015 to 2019 in the Republic of Croatia
Demographic Transition – Morbidity and Causes of Death of the Elderly from 2015 to 2019 in the Republic of Croatia
(Demographic Transition – Morbidity and Causes of Death of the Elderly from 2015 to 2019 in the Republic of Croatia)
- Author(s):Agneza Aleksijević, Marko Aleksijević
- Language:English
- Subject(s):Demography and human biology, Gerontology
- Page Range:15-40
- No. of Pages:26
- Keywords:the elderly; aging; demographic transition; morbidity; causes of death;
- Summary/Abstract:The aging of Europe’s population is a demographic phenomenon that indicates a decline in fertility and mortality rates and longer life expectancy. The population of the European Union (EU) is declining. EU residents made up 13.5% of the world’s population in 1960 and 6.9% in 2018, and it is projected that by 2070 that number will drop to 4%, considering the decline in the EU’s birth rate compared to global trends. This shows us the aging of the population and the impact on age structure and contributes to the inversion of the demographic pyramid. The current demographic situation affects economic, social, and health policy. Furthermore, it is impossible to disregard the COVID-19 disease that has changed the demographic structure in the EU and the world, which has completely changed our daily lives. This is especially true for the elderly population, a vulnerable group in this epidemic. Since 2019, the most frequently identified diseases and conditions in the elderly in the Republic of Croatia are circulatory system diseases (18.8%), musculoskeletal system and connective tissue diseases (11.95%), respiratory diseases (7.99%), and endocrine disorders, dietary diseases, and metabolic diseases (7.27%). There have been 247,372 hospitalizations of individuals over 65 recorded in the Republic of Croatia (292.79/1,000). According to the data on deaths from the Central Bureau of Statistics, 43,108 individuals aged 65 and older died in 2019 (in 2018, that number was 43,576), and the mortality rate for this age group was 51.02/1,000 (in 2018, the rate was 52.34/1,000). By reviewing the available data from the 2015-2019 period, the rankings of the most common diseases remained unchanged. The proportion of hospitalized individuals increased from 226,491 (in 2015) to 247,372 (in 2019), and the number of deaths, which shows a declining trend, ranged from 44,350 (in 2015) to 43,108 (in 2019). Aging requires optimization in the segment of health, participation, and safety. In contrast, improving life quality requires optimization following the needs through the active realization of one’ potential during life and participation in society.
- Price: 4.50 €
The Risk of Poverty Among Older People in the Republic of Croatia
The Risk of Poverty Among Older People in the Republic of Croatia
(The Risk of Poverty Among Older People in the Republic of Croatia)
- Author(s):Vesna Vučemilović
- Language:English
- Subject(s):National Economy, Family and social welfare, Gerontology, Socio-Economic Research
- Page Range:41-53
- No. of Pages:13
- Keywords:poverty; older people; national pension; Republic of Croatia; aging society;
- Summary/Abstract:According to Eurostat (2021), the at-risk-of-poverty rate of older people in the Republic of Croatia has increased over the past several years. In December 2020, it was 31 percent. The Strategy for Combating Poverty and Social Exclusion in the Republic of Croatia 2014-2020 (Strategy) recognizes older people as vulnerable to poverty, social exclusion, material deprivation, and discrimination. Poverty in the Republic of Croatia also has a territorial dimension. The highest geographical concentration of factors influencing the share of people at risk of poverty can be found in small towns and settlements in the country’s east and southeast regions and rural areas. This chapter aims to emphasize the problem of poverty among older people in the Republic of Croatia. The findings and recommendations may be used for policy suggestions to relevant institutions.
- Price: 4.50 €
Towards the Economics of Aging
Towards the Economics of Aging
(Towards the Economics of Aging)
- Author(s):Dražen Barković, Ivana Barković Bojanić
- Language:English
- Subject(s):Demography and human biology, Gerontology, Socio-Economic Research
- Page Range:55-65
- No. of Pages:11
- Keywords:aging; economics; methodological individualism; overlapping generations;
- Summary/Abstract:Economists have been increasingly engaged in the scientific debate on a demographic trend that is taking place around the globe – aging. Their contribution is noticed when discussing and researching the impact of aging on the economy and society to provide various theoretical models, particularly from the macroeconomic point of view. The issue of aging is part of population economics which is again part of the neoclassical mainstream. On the other hand, academic scholars from other disciplines such as sociology, law, and the like are producing their standpoints recognized as the “political economy of old age”. This chapter briefly presents the focus of economists on the issue of aging.
- Price: 4.50 €
Challenges in the Development of Senior Entrepreneurship
Challenges in the Development of Senior Entrepreneurship
(Challenges in the Development of Senior Entrepreneurship)
- Author(s):Mihaela Mikić, Tin Horvatinović, Bojan Morić Milovanović
- Language:English
- Subject(s):Business Economy / Management, Gerontology, Economic development, Socio-Economic Research
- Page Range:67-81
- No. of Pages:15
- Keywords:senior entrepreneurship; aging; motivation; policy;
- Summary/Abstract:The aging population results in numerous challenges, including an increase in the number of unemployed persons, problems in sustainability of pension funds, a decrease in the standard of quality of life due to lessening financial resources, and others. Senior entrepreneurship as a career option or partial retirement can aid in addressing the issues mentioned above, as entrepreneurship, in general, improves the economic position. Furthermore, it can help improve quality of life, specifically to achieve self-actualization as a need. This chapter aims to determine challenges that senior entrepreneurs meet and their motivation drivers and to recommend actions to policymakers to successfully support this type of entrepreneurship.
- Price: 4.50 €
Challenges in Proxy Lifecycle Portfolio Modeling of Mandatory Pension Funds in the Republic of Croatia
Challenges in Proxy Lifecycle Portfolio Modeling of Mandatory Pension Funds in the Republic of Croatia
(Challenges in Proxy Lifecycle Portfolio Modeling of Mandatory Pension Funds in the Republic of Croatia)
- Author(s):Dražen Novaković, Marija Ileš, Domagoj Karačić
- Language:English
- Subject(s):National Economy, Labor relations, Demography and human biology, Human Resources in Economy, Socio-Economic Research
- Page Range:83-97
- No. of Pages:15
- Keywords:pension funds; proxy lifecycle model; risk; financial literacy; Croatia;
- Summary/Abstract:The introduction of proxy lifecycle portfolio modeling in Croatian mandatory pension funds in 2014 has resulted in pension fund categories A, B, and C. Category A has more risk appetite, while category C is conservative. This pension system reform aimed to provide higher returns to younger members and gradually transition to a safer, more conservative investment profile as retirement age approaches. This chapter aims to analyze the current situation and the challenges encountered and explore the possibilities for a complete implementation of this model under Croatian conditions. A descriptive statistical analysis of the results achieved between 2014 and 2020 was conducted. Expectations at the time of introducing this concept and a comparative analysis of theoretical life cycle portfolio management models were considered. It was found that the age structure of the participants of the A, B, and C funds are approaching the optimum. At the same time, the improvement of the whole society’s financial literacy can be considered the leading social implication of this chapter.
- Price: 4.50 €
Risk Diversification of Retirement Assets in the Case of Platinum
Risk Diversification of Retirement Assets in the Case of Platinum
(Risk Diversification of Retirement Assets in the Case of Platinum)
- Author(s):Izabela Pruchnicka-Grabias
- Language:English
- Subject(s):Business Economy / Management, Financial Markets
- Page Range:99-110
- No. of Pages:12
- Keywords:platinum; precious metals; risk;
- Summary/Abstract:Aging requires thinking about saving money for the time when people do not work anymore. However, it is a challenge nowadays because of high inflation and a dynamic global economic situation. It is not reasonable to keep all money as cash for the retirement period, and one should think about different forms of investments. In order to diversify risk, it is necessary not only to use traditional investments like stocks or bonds, but also to get acquainted with alternative ones. Typical assets like stocks or bonds can be partially replaced in the portfolio by some types of alternative investments like, for example, precious metals. It is most often gold, which is treated in scientific papers as a risk diversifier, so platinum is studied in this chapter. The research aims to analyze the investment features of platinum. The author tries to answer the question whether platinum can be a risk diversifier for stock investments. Statistics for this unique metal are checked and compared with those for stocks. The hypothesis is that platinum can be applied in risk management for stock portfolios helping to achieve a better relation of risk-return.
- Price: 4.50 €
Women in the Workplace, Gender Gap and Aging – Evidence of Gender (in)Equality in Academia and the Financial Sector in the European Union
Women in the Workplace, Gender Gap and Aging – Evidence of Gender (in)Equality in Academia and the Financial Sector in the European Union
(Women in the Workplace, Gender Gap and Aging – Evidence of Gender (in)Equality in Academia and the Financial Sector in the European Union)
- Author(s):Anita Pavković, Alka Obadić, Katarina Marošević
- Language:English
- Subject(s):Gender Studies, Supranational / Global Economy, Social differentiation, Human Resources in Economy, Socio-Economic Research
- Page Range:111-134
- No. of Pages:24
- Keywords:aging; gender gap; “glass ceiling” phenomenon; academia; financial sector;
- Summary/Abstract:Most Europeans are women, but men still dominate the European labor market. This is especially present in senior positions where vital decisions are made. Therefore, a big gender employment gap and a gender pay gap are still a European reality. Hence, an adequate inclusion of women in the labor markets should be made. In order to present the labor market gender diversity situation at the EU level, the chapter aims to analyze the labor market by age and gender in the EU according to the available projection timeframe with an ageism perspective by gender and the need for inclusive social measures. The gender employment gap has been a European problem for decades. However, in the last decade, it started to stabilize mainly due to the employment rate for men, which started to stabilize, while that of women continues to grow. The chapter concentrates on the older working-age group (55-64) by gender, where those differences are even more pronounced. The analysis includes gender equality in higher job positions in which older age groups are most often found, such as academia, R&I, and decision-making positions in the EU. The fact is that discrimination in career advancement or the “glass ceiling” phenomenon increases with gender and age. The chapter emphasizes social inclusion measures for inclusion of women in the labor market and the importance of social inclusion of the elderly in terms of gender. In order to explore the existence or non-existence of gender (in)equality and career progression issues, the research is focused on the presentation of women and their participation in decision-making and leadership positions in academia and the financial sector. The chapter contains support measures for solving the mentioned social and economic problems based on analyzing current financial system principles and mechanisms for woman empowerment, etc., which should be implemented in other economic activities subjects in business units of EU countries. Consequently, the objective of the chapter is to reshape the position of women in today’s aging society and the ways to improve balance, inclusion, and equality.
- Price: 4.50 €
Construction Industry Challenges: Confronting an Aging Workforce in Skill and Labor Shortage
Construction Industry Challenges: Confronting an Aging Workforce in Skill and Labor Shortage
(Construction Industry Challenges: Confronting an Aging Workforce in Skill and Labor Shortage)
- Author(s):Ivana Šandrk Nukić, Dora Škorić
- Language:English
- Subject(s):Labor relations, Economic development, Migration Studies, Human Resources in Economy
- Page Range:135-150
- No. of Pages:16
- Keywords:aging workforce; construction industry; labor and skill shortage; HRM in construction;
- Summary/Abstract:The construction industry is experiencing post-crisis recovery, but its growth generates labor and skill shortages, with the construction industry being a labor-intensive industry. As the shortage of skilled workforce has been identified as a significant risk to future economic growth, this chapter has investigated the reasons for such deficiency within the construction industry and studied its effects. The authors have done an extensive literature review and conducted a case study of a regional construction leader in east Croatia. The research findings show that the emigration of the workforce simultaneously with work volume growth is the primary source of the construction workers shortage in Croatia. Additionally, it has been proven that the lack of employees is worsened by an increase in the average age of workers and the unattractiveness of the construction industry, especially from the perspective of the young. The tested correlation between the average age of the workforce and net profit per employee is weak in the examined company, so there is no statistically significant impact of employees’ age on the company productivity. A research limitation arises because empirical findings come from a single case. However, the chapter did reveal critical issues deriving from the increasing age of the construction workforce. Although health profiling of workers, dual vocational education, and overall promotion of the civil engineering profession remain for more detailed future analysis, this chapter generated a discourse with both scientific and practical merits.
- Price: 4.50 €
Micronutrient Deficiency in the Elderly and Benefits of Investment in Nutritional Supplements
Micronutrient Deficiency in the Elderly and Benefits of Investment in Nutritional Supplements
(Micronutrient Deficiency in the Elderly and Benefits of Investment in Nutritional Supplements)
- Author(s):Tatjana Bačun, Ivan Lekić, Barbara Bačun
- Language:English
- Subject(s):Health and medicine and law, Gerontology
- Page Range:151-167
- No. of Pages:17
- Keywords:aging; nutrition therapy; dietary supplements; vitamins; minerals;
- Summary/Abstract:Inadequate food intake in the elderly can result from physiological, psychological, social, or pathological nature and their combination. People who have reduced appetite, difficulty swallowing, refuse food, have muscle atrophy, or lose weight need to be monitored for body weight, diet and appetite assessment, and processing that includes medical history, physical examination, and essential laboratory findings (complete blood count, primary biochemical findings, and thyroid hormones). Additional processing depends on the initial assessment and may include endoscopic processing of the digestive system and imaging. Treatment should focus on the underlying cause and proper nutrition and dietary control. A common cause of inadequate food intake and micronutrient deficiencies are associated diseases, the most common being depression, followed by cancer. Vitamin D and vitamin B12 deficiency are common in the elderly and based on clinical research, a supplement of 600 to 800 IU of vitamin D per day with 1200 mg found in food, and supplements of vitamin B12 10 to 15 mcg (people with malabsorption of 1000 mcg per day) is recommended. There is no substantial evidence for reducing the incidence of infections in frail elderly adults or preventing chronic disease by adding multivitamins and minerals. A 20-year follow-up study found that adding daily multivitamins was associated with a slight increase in overall mortality. Consequently, in the elderly, it is necessary to assess nutritional status, and if insufficient food intake is suspected, conducting nutrition education, assess the need for vitamin D, calcium, vitamin B12, and other micronutrients, and according to the assessment and monitoring of nutrition, enteral nutrition, and additional processing.
- Price: 4.50 €
Adoption and Exploitation of Online Banking Services by the Elderly
Adoption and Exploitation of Online Banking Services by the Elderly
(Adoption and Exploitation of Online Banking Services by the Elderly)
- Author(s):Aleksandar Erceg, Jovanka Damoska Sekuloska, Ivana Čandrlić Dankoš
- Language:English
- Subject(s):Gerontology, Social Informatics, Financial Markets, Socio-Economic Research
- Page Range:169-192
- No. of Pages:24
- Keywords:elderly; online banking; services; adoption; analysis;
- Summary/Abstract:Online banking is considered one of the main contributions of the Internet to global society. Adoption of online banking services could be recognized as one of the metrics for digital inclusion of the population, especially for the elderly. Notably, the value of online banking services is considered significant and worthwhile during the pandemic period. Online banking is becoming increasingly crucial for the elders to meet their demands for high-quality, low-cost, and secure services. This study investigates online banking services among the elderly in Macedonia and Croatia, and compares the results with EU members. Through the survey analysis and available secondary data, the objectives are to identify differences in online banking services among the elderly and recognize the issues that influence the embracement of the digitalization of the banking services in the examined countries. The results have detected the gap existing in the adoption of online banking services and revealed the emerging, growing trend in the exploitation in all the examined countries.
- Price: 4.50 €
Older Age, its Socio-Economic Aspect and a Technological Solution for Active Aging
Older Age, its Socio-Economic Aspect and a Technological Solution for Active Aging
(Older Age, its Socio-Economic Aspect and a Technological Solution for Active Aging)
- Author(s):Dominika Crnjac Milić, Maroje Raguž
- Language:English
- Subject(s):Social development, Gerontology, Social Informatics, ICT Information and Communications Technologies, Socio-Economic Research
- Page Range:193-213
- No. of Pages:21
- Keywords:elderly; active aging; economic aspect; information and communication technologies; web application;
- Summary/Abstract:The ever-increasing number of the elderly in developed countries creates the need to keep them active as long as possible to maintain their psychophysical health and prevent them from living isolated, sedentary life. The chapter analyzes the phenomenon of an aging population and the characteristics of this life stage in European countries, emphasizing the Republic of Croatia. Based on the hypothesis that the number of the elderly using information and communication technologies has been increasing, the chapter offers a solution to the problem of keeping them up to date through a web application. The application enables them to communicate easily and quickly, establish social contacts and find out about organized meetings and training of associations and other institutions. The application also lists work opportunities for the elderly. If mentally and physically healthy, they can earn additional money, increase the household budget and beneficially use their time.
- Price: 4.50 €
The Rise of Networked Seniors – Differences in Motivation for Using Social Networks Between Digital Natives and Digital Immigrants
The Rise of Networked Seniors – Differences in Motivation for Using Social Networks Between Digital Natives and Digital Immigrants
(The Rise of Networked Seniors – Differences in Motivation for Using Social Networks Between Digital Natives and Digital Immigrants)
- Author(s):Snježana Barić-Šelmić
- Language:English
- Subject(s):Media studies, Social development, Gerontology, Social Informatics
- Page Range:215-230
- No. of Pages:16
- Keywords:Baby Boomer generation; digital natives; social networks; uses and gratifications theory;
- Summary/Abstract:New trends in the use of social media, increasingly involving the general public, also widen the research focus of all generations, i.e. (new) media consumers and producers (prosumers). This chapter aims to establish the motivation for using social networks to explain the enormous popularity of Facebook, Instagram, and other networks among the older (Baby Boomer) generation. With the help of the uses and gratifications theory, the author investigates the gratifications the older population achieves when using social networks and the uses (desires) they satisfy. The author attempts to answer the questions – Does the elderly population (50+) use social networks, especially Facebook, to meet their cognitive needs and escapist purposes? Has the younger population decreasingly used Facebook as a social network since older generations (their parents, grandparents, and digital immigrants) appeared on it? – through research using in-depth interviews and the theory of uses and gratifications of social networks.
- Price: 4.50 €
Notes on Contributors
Notes on Contributors
(Notes on Contributors)
- Author(s):Not Specified Author
- Language:English
- Subject(s):Scientific Life
- Page Range:3-13
- No. of Pages:11
- Keywords:Notes on contributors;
- Summary/Abstract:Notes on contributors.