MIT Sloan Management Review Article on Uncover the Ageism Hiding in Your Organization

How can leaders spot biases that affect workers and customers? This five-part framework shares ageism audit questions to spark discussion and change.

Many companies have yet to tap into the growing “longevity economy” — the economic value of the over-50 population as consumers and workers. Businesses often overlook this demographic even though it holds about 80% of U.S. household wealth and is responsible for half of consumer spending.1 People who are 50-plus contribute $8.3 trillion annually to the U.S. economy, and that figure is expected to grow to $12.6 trillion by 2030, according to AARP research.2 At the same time, many people in this group want to continue working beyond the traditional retirement age but find that their job skills are undervalued or disregarded.

Yet, few companies have developed a comprehensive strategy to tap into the potential of this cohort as customers and colleagues. That’s even though U.S. Census Bureau research finds that by 2034 “older adults are expected to outnumber children for the first time in U.S. history.”3 Ogilvy’s 2030 Forecast declares that while some marketers haven’t awakened to the trend, “Seniors will become one of the dominant consumer groups, displacing the young as the go-to generation for marketing. Get ready for the silver economy.”

About the Author

Matthew Lifschultz is the founder of Age AWARE, a strategic consulting practice, and co-editor of Paths to Leadership in the Senior Living Industry (Springer, 2021).

Learn more about MIT SMR.