AGING AS AN OPPORTUNITY FOR ECONOMIC GROWTH AND INNOVATION IN THE SLOVAK REPUBLIC

One of the biggest challenges for the countries of the European Union is the aging of the population, as it poses a threat from the point of view of negative impacts on many spheres of society. In the 2021 Green Paper on Aging, the European Commission calls for a discussion on new and innovative options and opportunities for an aging European society. The projected increase in the number of old people and the decrease of economically active people is perceived not only as an economic but also a social threat, but it is necessary to realize that older people are able to significantly contribute to the creation of social and economic value in our society. For this reason, it is necessary to shift the negative perception of the aging process as a burden on public finances to the perception of aging as an opportunity for sustainable economic growth. The elderly population constitutes an important and, importantly, a growing group of consumers. The financial situation of seniors is gradually stabilizing, as the vast majority of them no longer have obligations, their housing has been paid off and their children are already provided for. The Slovak Republic currently looks at the demographic development from the perspective of spending on the social and health system, but it abstracts from the penetration of aging into other areas and does not reflect on the possible opportunities to ensure economic growth due to the aging of the population. In the contribution, we set ourselves the goal of identifying selected sectors for socio-economic challenges and opportunities related to the aging of the population and outline measures to ensure economic growth and innovation using the potential of the growing group of the silver generation in the Slovak Republic.