From the age of 50 onwards, there is a market known as silver market either silver economyalluding to the gray hair that we style from that age onwards.
This concept, which was born in Japan as a result of the growth in life expectancy after World War II, constitutes a great opportunity for those who offer products or services. In Europe alone, it is expected that by 2060 one in three inhabitants will be over 65 years of age as a result of the inversion of the demographic pyramid and longevity.
What is the silver economy?
The silver economy is the result of changes in the way of consumption, the possibilities offered by modern life, access to information, interest in leading a healthy life, digital transformation, among other factors, which transform these “vintage millennials” in the engine of that economy.
The silver economy includes all economic activities, products and services in the field of well-being, the banking sector, leisure, culture, tourism, among others, aimed at meeting the needs of those over 50 years of age, who generally have better purchasing power and fewer responsibilities, whims that were unthinkable in other times are allowed; They take care of themselves, they play sports, they study; they divorce or form a relationship, quit their jobs or move to another country; They start businesses, take the trips of their dreams, spend on quality products from their favorite brands, and have more free time.
What is the role of coaching in silver economy?
What are the dilemmas, challenges or needs for reflection that people can bring to the sessions, after the age of 50, when they have several decades ahead of them to live fully? Coaches specialized in career, transitions, life coaching, financial coaching, and wellness and health coaching are very likely to work on processes around the following topics:
Enter the internal conversation “now it’s my turn to choose and enjoy” It can trigger limiting beliefs or feelings of guilt in contexts or cultures that strongly question personal development or self-validation. The professional and trained coach will know how to partner with the person in seeking new perspectives that allow or inspire them to deploy dormant talents or choose desired paths of which they may not be aware. The coaching spaces will be ideal for making decisions about how to use savings for the dream venture, the long-awaited trip or ending a relationship that has not worked for years.
A way to capitalize on the experience
When the person has desires put your entire work/professional career or life experience at your service, you may have doubts about how to do it or if you really have the ability that others recognize but that the person himself does not observe in himself. This is where imposter syndrome appears. The coach will be an ideal professional to accompany her to think about how to capitalize, make known and multiply her knowledge, experiences and ways of networking that less expert generations can take advantage of.
If the person in this group has strong self-esteem and knows the value of their achievements, they may go through a need for change or desire to leave a legacy and look for a coach to accompany you in that transition. Change for what, for what purpose. Work in the need to transcend and leave a mark, but how to do it? You can work on coaching.
Coaching in the personal life of the silver economy
Many times this generation is faced with the challenge of “having to help their children”, but without the ties of when they themselves were parents. The challenge here is to help as much as possible and learn to put limits to find the own spaces and face any claims that may arise, without remorse. Likewise, when the parents of this population sector reach an advanced age (because they are also long-lived), they can need to agree with the rest of the family how to provide medical, economic or emotional assistance, and that generates family conflicts that require expressing needs, making requests, setting limits, thanking, apologizing…
Those who, in addition to gray hair, have many projects and ideas at this stage of life, once satisfied with the family legacy, may wish reinvent yourself. In addition to consuming, this generation produces, creates, gives opinions without fear of risking its image and without filters, makes itself heard and activates cultural changes. The coach is the ideal strategic partner for develop communication skills and redesign ways to reach different audiences with the mentality that the person requires. The development of the personal brand and the design of the professional value proposition are ideal for working with a coach.
Break down age barriers
The coach can also work with this group of people to break down the generational barriers that lead to discrimination and invalidation of older adults, just for belonging to this or that generation. These barriers are often activated by the same companies, media or advertising, and other times by this segment that does not dare to recognize its own resources and personal and professional value. The internal dialogue in this case can be “I’m too old for these things… I’d better stay as I am” and the coach helps you work on these limiting beliefs.
From coaching we urge our corporate clients to embrace diversity and inclusion so that the silver generation contributes its wealth due to its inexhaustible source of knowledge and experience. Furthermore, they are usually loyal and trustworthy people, with values that they hold strongly, grateful for being taken into account and feeling valued.
The 5 generations that transform
Today, companies have up to five generations ranging from Baby Boomers (born between 1946 and 1964) to Generation Z (born between 1995 and 2012), making them more challenging and fun places to work. work and innovation in collaborative spaces between different generations.
In short, the silver economy has as its protagonists those over 50 years of age and offers them the possibility of being an active part of the present and designing futures, for which professional coaching is undoubtedly an ideal discipline that can accompany them to achieve new objectives. in this challenging and enriching stage of life.
Patricia Gutierrez Patricia Gutiérrez is an Argentine executive coach, with extensive experience in coaching for leaders and middle management internationally. Accredited Associate for Heartsyles and Lego Serious Play facilitator, Pat is VP of ICF Argentina, PCC-ICF and EIA-EMCC credential.