By 2030, 1 in 6 people in the world will be aged 60 years or over. By 2050, the world’s population of people aged 60 years and older will double (2.1 billion). The number of persons aged 80 years or older is expected to triple between 2022 and 2050 to reach 600 million.
China has one of the fastest-growing aging populations in the world. There were 280 million people aged 60 and above in China at the end of 2022, accounting for 19.8 percent of the entire population. The figure is expected to exceed 300 million by 2025, and 400 million by around 2035.
To boost the sense of fulfillment, happiness, and safety among the elderly, China released a guideline for measures to implement its national strategy to address population aging, which includes increasing the level of social participation among the elderly by boosting the supply of education resources and raising the quality of cultural and sporting services for the elderly. In its 14th Five-Year Plan (2021-2025), China outlined an array of measures to boost education for the aged.
Why is China placing such emphasis on elderly education?
Current research highlights the transformative impacts of continued educational engagement in one’s later years. Such pursuits of knowledge and training have been associated with a myriad of health benefits. They not only bolster cognitive abilities, promoting mental agility and creativity, but also cultivate a sense of well-being and facilitate the formation of enriching social networks. The sustained participation in educational activities offers cumulative benefits, leading to an increased sense of autonomy and fulfillment. In essence, lifelong learning not only broadens horizons but also contributes significantly to the overall quality of life in later years.
The substantial transformations China has implemented within the elderly education.
In a progressive move, China has integrated education for the elderly into its comprehensive lifelong learning system. This strategic shift seeks to stimulate the growth of educational resources tailored specifically for older adults. From fortifying the development of specialized disciplines and personnel training, to crafting educational content that addresses the unique needs of this demographic, the approach is holistic. An integral part of this initiative is the creation of a shared service platform, aimed at enhancing accessibility to these resources for the elderly population. This concerted effort ultimately serves to enrich and uplift the infrastructure supporting elderly education, ensuring a continued engagement with learning in the later stages of life.
According to a report by Frost & Sullivan in September 2022, the market size of China’s adult learning industry has grown rapidly from RMB 383.3 billion in 2017 to RMB 566.4 billion ($56 billion to $82 billion) in 2021, with a compound annual growth rate of 10.3%. The market is expected to reach RMB 994.7 billion by 2026.
According to the journalist interviews, the major educational institutions across China are actively responding to government policy and aiding the advancement of Elderly Education. QuantaSing Group(NASDAQ: QSG) is a standout among them, The journalist learned that QuantaSing is the largest online learning service provider for adult interest learning in China, and one of the top five service providers in adult learning market in China based on revenue in 2021.
It’s clear that the ‘Silver Wave’ is much more than a statistic; it’s a testament to the resilience and capacity of the human spirit to learn, grow, and adapt, regardless of age. Elderly education is more than a policy or a strategy; it’s a vehicle for empowerment, facilitating active participation in society, fostering connections, and enhancing overall life quality. Companies like QuantaSing are key players in this unfolding narrative, leveraging technology to bridge the gap between the elderly population and education. These efforts demonstrate the intersection of business acumen and social responsibility, providing a win-win situation for both the economy and society at large.
About the Author:
David Brown.
I have spent over a decade delving into the world of business journalism. My robust experience, combined with my ability to analyze news and deliver insightful newsletters, empowers me to produce content that resonates with the current business climate.