Opportunities of Ageing Conference – 100413 slide 1 What is wealth? And how it affects older...
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Opportunities of Ageing Conference – 100413slide 1
What is wealth?And how it affects older people
presentation to
Opportunities of Ageing Conference
Dr Ganesh NanaChief Economist
Business and Economic Research Ltd
10 April 2013
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Opportunities of Ageing Conference – 100413slide 2
Economics and wealth is all about
liquidityswap rates
house pricesinterest rates
inflationleverage
debthedge funds
ratings
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Opportunities of Ageing Conference – 100413slide 3
Wealth is …
liquidityswap rates
house pricesinterest rates
inflationleverage
debthedge funds
ratings
people
machinery &equipment
land
buildings
water
technology
skills &knowledge
experience
businesses
networks
innovation
iwi
whānau
except economists call t
hese resources
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Opportunities of Ageing Conference – 100413slide 4
… and economics is about …
• how we (choose to) use resources (wealth) to* produce things we want, need, desire* look after, maintain, or replenish resources* improve and/or expand resources
consumer benefit investment to replace
investment to grow
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Opportunities of Ageing Conference – 100413slide 5
Our choices in using wealth
resourcesor
wealth
consumergoods and services
investment to replace
investment to grow
for today
fortomorrow
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Opportunities of Ageing Conference – 100413slide 6
Wealthindividual perspective
• financial• health and physical• social participation• life experiences
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Opportunities of Ageing Conference – 100413slide 7
Wealth accumulation as we ageliquid financial
age
wealth
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Opportunities of Ageing Conference – 100413slide 8
Wealth accumulation as we ageilliquid financial
age
wealth
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Opportunities of Ageing Conference – 100413slide 9
Wealth accumulation as we agehealth and physical
age
wealth
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Opportunities of Ageing Conference – 100413slide 10
Wealth accumulation as we agesocial participation
age
wealth
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Opportunities of Ageing Conference – 100413slide 11
Wealth accumulation as we agelife experiences
age
wealth
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Opportunities of Ageing Conference – 100413slide 12
Wealth accumulation as we age
age
wealth
liquid financial
age
wealth
illiquid financial
age
wealth
health and physical
age
wealth
life experiences
age
wealth
social participation
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Opportunities of Ageing Conference – 100413slide 13
Drivers of accumulation of wealth
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Opportunities of Ageing Conference – 100413slide 14
Drivers of wealthliquid financial
• income* education opportunities* employment opportunities* abilities
• financial literacy* understanding* opportunities
• luck
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Opportunities of Ageing Conference – 100413slide 15
Drivers of wealthilliquid financial
• spending behaviour• savings habits
* home ownership options
• family circumstances• financial literacy
* understanding* opportunities
• luck
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Opportunities of Ageing Conference – 100413slide 16
Drivers of wealthhealth and physical
• lifestyle and diet• family history / circumstances• housing situation
* living conditions* physical environment
• income• luck
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Opportunities of Ageing Conference – 100413slide 17
Drivers of wealthsocial participation
• family circumstances• social situation
* isolated or connected?
• status of wider networks* schools* business* community
• income• luck
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Opportunities of Ageing Conference – 100413slide 18
Drivers of wealthlife experiences
• family• networks
* schools, business, community
• passion and/or opportunity to explore• income• luck
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Opportunities of Ageing Conference – 100413slide 19
Drivers of wealth... and, finally ...
• endowments* whakapapa* status or history* knowledge or understanding* financial
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Opportunities of Ageing Conference – 100413slide 20
Or, is wealth …
• collective* family* whānau* iwi
• nation
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Opportunities of Ageing Conference – 100413slide 28
Business investmentas % of GDP
6
8
10
12
14
16
Dec 88 Dec 94 Dec 00 Dec 06 Dec 12
%
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Opportunities of Ageing Conference – 100413slide 29
Government investmentas % of GDP
0
2
4
6
8
10
Dec 88 Dec 94 Dec 00 Dec 06 Dec 12
%
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Opportunities of Ageing Conference – 100413slide 30
Labour force participation rate
62
64
66
68
70
Dec 88 Dec 94 Dec 00 Dec 06 Dec 12
%
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Opportunities of Ageing Conference – 100413slide 31
Labour force participation rate – 60-65yos
25
35
45
55
65
75
Dec 88 Dec 94 Dec 00 Dec 06 Dec 12
%
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Opportunities of Ageing Conference – 100413slide 32
Labour force participation rate – 65+yos
0
6
12
18
24
Dec 88 Dec 94 Dec 00 Dec 06 Dec 12
%
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Opportunities of Ageing Conference – 100413slide 33
Govt education expenditureas % of GDP
2
4
6
8
1996 2000 2004 2008 2012
%
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Opportunities of Ageing Conference – 100413slide 34
Opportunities of ageing
• to contribute to accumulation of wealth across all dimensions* life experiences* social participation* health and physical* financial* and collective
• and so to improve (increase) resources available for nation to make its choices
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Opportunities of Ageing Conference – 100413slide 35
NZ 2012 population
161148148
161171
149134135
149152
147128
11692
7250
3719
8
152141142
152159
149143
148164163
156134
12197
7958
4731
18
200 150 100 50 0 50 100 150 200
Under 55–9
10–1415–1920–2425–2930–3435–3940–4445–4950–5455–5960–6465–6970–7475–7980–8485–89
90+
000s
females males
but the next 25 yrs ???
man drought