Hong Kong has officially become a “super-aged society” with over 20% of its population aged 65 or older, according to the World Health Organization. As of last year, 22% of the city’s residents are over 65, and this number is expected to rise to 40.6% by 2050, making Hong Kong the country with the highest proportion of elderly citizens. This significant demographic shift poses substantial challenges, including a shrinking workforce and increased pressure on healthcare and social security systems.
The United Nations predicts that Hong Kong will have the world’s highest proportion of people over 65 by 2050, surpassing South Korea and Japan. This shift will require innovative solutions to address the urgent social needs of the elderly population. DBS Bank, a multinational financial services firm, recognizes these challenges as opportunities to identify and support solutions that tackle pressing social issues.
Sebastian Paredes, DBS’ head of North Asia and CEO of DBS Bank (Hong Kong), emphasizes the importance of responsible business practices in addressing the challenges posed by an aging population. The bank aims to support local communities and create long-term value for people’s lives and livelihoods. Paredes believes that businesses play a crucial role in reshaping societal mindsets around aging, focusing on increasing health spans in tandem with lifespans.
By supporting businesses and creating opportunities that promote healthy aging, DBS Bank seeks to make a positive impact on the community. The bank’s approach recognizes that a super-aged society requires a multifaceted response that addresses the social, economic, and healthcare needs of the elderly population. By working together with local communities and stakeholders, DBS Bank aims to create a more sustainable and supportive environment for Hong Kong’s aging population. Ultimately, the bank’s efforts aim to improve the quality of life for elderly citizens, ensuring that they can live healthy, fulfilling lives and contribute to the community in meaningful ways.