Uncover the Ageism Hiding in Your Organization

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.”

Behind the missed talent and marketing opportunities lie human costs. As a consulting gerontologist, I’ve interviewed hundreds of people in the 50-plus age group about their life stories, current circumstances, and aspirations. A common theme always emerges: a sense of being gradually edged out of the mainstream. It’s as if the world is no longer designed with them in mind. They encounter ads that ignore, exploit, or mock them; frustrating product packaging; and mandatory retirement policies that don’t consider a person’s desire and capability for the job.

Such sentiments permeate their roles as both consumers and coworkers. Many express a resigned acceptance of this situation, viewing it as an inevitable part of aging. Frequently, it’s not just a mild personal frustration but a real sense of disconnection and marginalization from community and society.

This market disconnect — and its impact on people — is largely due to ageism, a form of bias that has been aptly described as “everywhere and all but invisible.”4 Ageism promotes stereotypes and biases that paint older adults as unproductive, irrelevant, and out of touch. It’s also widely socially accepted.