This morning the second issue of the Tendercapital-Censis Silver Economy Observatory was presented to the Senate in Rome. Its title: “The silver economy in the darkest year.” The survey explores active longevity 16 months into the pandemic and analyses how the elderly have weathered the most difficult stage of the crisis – that of continued restrictions. Despite being severely affected by the public health and social implications of the Covid-19 emergency, the older generations demonstrated greater psychological strength and are now ready to resume their leading role in Italian society and the economy.
Tough grandparents, beyond the restrictions
The Tendercapital-Censis Observatory Report shows that the silver generation has proven to be the toughest when it comes to facing the crisis created by the pandemic, despite the isolation, constraints and fear of an often fatal disease. Indeed, 69.3% of the elderly report not suffering from psychophysical stress since March 2020, compared to only 23.3% of young people and 34.1% of adults. This great capacity to hold strong and adapt – an eagerness to get back to life again – has pushed the silver generation to recover with zeal. 43.4% will dedicate more time to self care, using cosmetics, staying fit, going to the barber or hairdresser and 24.7% are ready to update their wardrobe. 66.4% would like to take at least one trip or holiday in Italy, while 38.4% would like to travel abroad and 46.3% feel ready to dine out in groups.
A cash dispenser for children and grandchildren
Covid-19 did not put an end to the “silver welfare system”. 88.7% of the elderly consider themselves a cash dispenser for their children and grandchildren and 67.1% of adults and 50.8% of young people agree. In all likelihood, this will probably continue in the future, since 67.8% of the elderly are convinced that their financial situation will improve or remain the same post-pandemic, whereas only 52.3% of adults and young people share their confidence. And while 32.2% of older people worry they’ll be worse off, 47.7% of adults and young people have the same fear.
The intergenerational divide remains
Unfortunately, the rift between the generations that opened during lockdown and was reported by the Observatory in 2020 remains. According to 54.3% of young people, too much public spending is allocated to the elderly, compared to 35% last year, and according to 74.1%, there are too many older people in positions of power, from the economy to society and to the media. On the other hand, the percentage of young people who believe the need for hospital care is down: 42.2% of young people say that, in the event of emergency, the elderly should take precedence compared to 49.3% one year ago.
Urgent need to invest in nursing homes
Italians harbour no doubts about the kind of assistance to give the elderly most in need, those who are no longer self-sufficient: 84.5% say they should be able to stay at home. And the figure is higher among the elderly (88.5%). However, 53.7% of Italians believe that enabling the elderly to remain in their homes requires urgent public investments in local social health and social welfare services and 30.8% say resources are needed for integrated digital home care. 15.5% of those interviewed called for a qualitative and quantitative upgrade of care homes for the elderly, with investments to improve facilities and better train workers.
According to Moreno Zani, Chairman of Tendercapital, “Active longevity did not wane in 2021 although, unfortunately, the critical aspects that arose last year with respect to the social impact of the pandemic remain. Now that the public health emergency seems to be easing, we must mend the rift that has formed between the generations. This is precisely what the Tendercapital-Censis Observatory aims to do, as it shines the spotlight on a portion of the population – the silver generation – that is a precious resource for the economy and all of society.”
Giuseppe De Rita, President of Censis, added, “What is important from a social standpoint is understanding how much this resilience among the elderly will be replaced by the strength of young people. Italians live long lives and if we, the older generation, have withstood the pandemic better, it is because we are part of a special generation, born between the 1930s and 1950s. We have lived through it all and can therefore meld our own existence with that of society. The elderly did not make much of a fuss while young people were more afraid of the pandemic. The public health emergency has demonstrated that the older generation has reserves of mental and financial strength and stability.”
“The Tendercapital-Censis Observatory’s findings on the silver economy do not surprise me. People of a certain age are more resilient because they know what it means to go without, something that is much harder to grasp at the age of twenty. The pandemic has particularly affected the elderly, who have shown great discipline. Moreover, the idea that grandparents must finance young people is distorted and a family support model to push back against. It is an extremely misguided system for younger generations in Italy,” explains Paolo Crepet, Psychologist and Sociologist.
“It is disturbing to read in the Tendercapital-Censis Observatory on the silver economy that young people feel this way about their elders. Another striking finding is the elderly’s eagerness to get back to normal life again, after having borne the brunt of the consequences of the public health emergency during the pandemic. Healthcare should be seen as an investment, in order to reintegrate from the bottom up this desire to begin again, which should be linked to all the opportunities that the country has to offer. Developing medicine across the country means changing our approach to the way we care for our citizens and developing telemedicine, devices, 5G, domotics and, in general, providing tangible support for technological innovation. Quality also means having greater control and I am committed to relaunching nursing homes and improving the professionalism of workers as well,” emphasised Annamaria Parente, President of the Senate’s Commission for Health and Hygiene.