The seniors boom and economic repercussions: Waterloo Region economic development opportunities for growth in an aging society
The population in Canada is aging, and even the ‘Silicon Valley of the North’ Waterloo Region is no exception. Aging societies can have a positive impact on the Economy; however, proper policies and programs must be in place in order to thrive through the peak of the Baby Boom retirement wave in 2026. This paper discusses research and recommendations from literature reviews and best practices found among municipalities regarding methods to thrive in an aging society. It is hoped that this paper will aid economic developers and supporting organizations to prepare for the impending age shift through adapting new employment, service, and built environment policies and programs. Adapting economic development now may prevent future economic downturns due to changes in work, lifestyle, and spending habits that are expected throughout the aging and retirement of the baby boom generation.
Keywords: Older adults, senior, caregiver, age friendly, anti-aging, adaptive employment