What is wealth? And how it affects older people

1. What is wealth?And how it affects older people presentation to Opportunities of Ageing Conference Dr Ganesh Nana Chief Economist Business and Economic Research Ltd 10 April 2013

2. Economics and wealth is all about liquidity swap rates house prices interest rates inflation leverage debt hedge funds ratings

3. Wealth is … land whānau people iwi buildings skills & knowledge businesses water liquidity swap rates house prices interest rates inflation leverage debt hedge funds ratings except economists call these resources networks experience innovation technology machinery & equipment

4. … and economics is about … • how we (choose to) use resources (wealth) to • produce things we want, need, desire • look after, maintain, or replenish resources • improve and/or expand resources investment to replace consumer benefit investment to grow

5. Our choices in using wealth

6. Wealthindividual perspective • financial • health and physical • social participation • life experiences

7. Wealth accumulation as we ageliquid financial

8. Wealth accumulation as we ageilliquid financial

9. Wealth accumulation as we agehealth and physical

10. Wealth accumulation as we agesocial participation

11. Wealth accumulation as we agelife experiences

12. Wealth accumulation as we age

13. Drivers of accumulation of wealth

14. Drivers of wealthliquid financial • income • education opportunities • employment opportunities • abilities • financial literacy • understanding • opportunities • luck

15. Drivers of wealthilliquid financial • spending behaviour • savings habits • home ownership options • family circumstances • financial literacy • understanding • opportunities • luck

16. Drivers of wealthhealth and physical • lifestyle and diet • family history / circumstances • housing situation • living conditions • physical environment • income • luck

17. Drivers of wealthsocial participation • family circumstances • social situation • isolated or connected? • status of wider networks • schools • business • community • income • luck

18. Drivers of wealthlife experiences • family • networks • schools, business, community • passion and/or opportunity to explore • income • luck

19. Drivers of wealth... and, finally ... • endowments • whakapapa • status or history • knowledge or understanding • financial

20. Or, is wealth … • collective • family • whānau • iwi • nation

28. Business investmentas % of GDP

29. Government investmentas % of GDP

30. Labour force participation rate

31. Labour force participation rate – 60-65yos

32. Labour force participation rate – 65+yos

33. Govt education expenditureas % of GDP

34. Opportunities of ageing • to contribute to accumulation of wealth across all dimensions • life experiences • social participation • health and physical • financial • and collective • and so to improve (increase) resources available for nation to make its choices

35. NZ 2012 population man drought but the next 25 yrs ???