Aging well in Asia: Asian Development Policy Report released by Asian Development Bank (ADB)

Posted 03 May 2024

2 min read

Report identifies four key dimensions of older persons’ well-being - health, productive work, economic security, and social engagement.

Key Findings of the report:
- Developing Asia is aging rapidly with risk of not having adequate resources to support ageing populations.
- Older people (aged 60 and above) accounted for 13.5% of the regional population in 2022, it is expected to nearly double to 25.2% (1.2 billion) by 2050.
- India related findings:
  - Lowest health insurance coverage among older people at 21%
  - 80%–90% of financial resources for retirement come from private income and assets, not public pensions or social assistance.

Challenges to Healthy Aging:
- Persistent burden of lifestyle disease and heightened incidence of loneliness and social isolation.
- Limited access to essential services such as health and long-term care.
- Economic insecurity with 40% older people in Asia and Pacific lacking access to any form of pension.
- Up to 94% of workers aged 65+ in the region are employed in informal sector.

Achieving universal health coverage, government led health insurance reforms, and strengthening of primary healthcare.
Labour protection coverage for informal workers, extended and flexible retirement age and lifelong learning.
Broader social pension coverage, use of digital technology (like India’s Atal Pension Yojana), and financial literacy.
Transition to market based long term care systems, community based social activities (like Ibasho project in Japan) and digital skills training.

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