Understanding the Silver Economy: Insights from Theory and Empirical Research

Abstract

The phenomenon of population ageing represents a global occurrence characterised by intricate social and economic ramifications, proffering both challenges and opportunities for the realms of innovation and economic growth. The aim of this paper is to explore the awareness and understanding of the silver economy and its associated products from the perspective of individuals in the pre-retirement age group and silver economy entities in Poland. This study employed a mixed-methods approach. The qualitative phase involved suppliers of silver economy products and services, while the quantitative phase surveyed consumers and potential consumers of such goods and services – Poles in pre-retirement age. Consequently, the contemporary perception of the Polish silver economy was examined from both demand and supply perspectives.

In Poland, the phenomenon of long-term retirement preparation is not prevalent, a situation that can be attributed to systemic instability, economic constraints, and a general lack of trust in financial institutions. It is widely acknowledged that awareness of retirement needs typically emerges around age 50; however, only a minority of individuals take proactive steps to secure future income. Moreover, widespread concerns regarding the cost of living, financial security, and global instability have the potential to inhibit future-oriented thinking. The findings of this study underscore the pressing necessity to cultivate a culture of preparedness, financial literacy, and the provision of readily accessible planning instruments, thereby facilitating informed decision-making processes as individuals transition into their senior years.