By Alvin Lee

The impact of ageing populations has become a growing concern for governments around the world. Research highlighted by the UK’s Office for Budget Responsibility warned that fiscal systems may become unsustainable if future generations are required to contribute more financially than the current generation. In Japan, concerns focus on the high medical costs associated with ageing, with hospital stays averaging more than three times the OECD norm. Meanwhile, in Singapore, expenditure on long-term elderly care is projected to rise sharply from S$1.7 billion in 2020 to S$3 billion by 2025.

While policy discussions often center on healthcare costs and retirement savings, these conversations tend to overlook the broader societal implications of ageing. According to Dr. Cheong Wei Yang, Interim Co-Director of the newly established Longevity Societies & Economies Institute (LSEI), longevity should not be viewed solely as a healthcare or social issue, but as a major structural transformation affecting economies and societies alike. He explains that how cities respond to longevity will shape labour markets, productivity, public spending, and long-term fiscal sustainability across Asia.

To address these challenges, LSEI has identified two interconnected research pillars: Building Longevity Economies and Cultivating Holistic Well-Being.

Pillar 1: Building Longevity Economies

Led by SMU Associate Professor of Economics Kim Seonghoon, Pillar 1 aims to transform ageing from a perceived economic burden into an opportunity for sustainable growth. The research focuses on developing economically resilient societies by exploring the Silver Economy, reducing the costs associated with ageing, and innovating products and services designed for older adults.

This pillar draws inspiration from influential works such as The 100-Year Life and The Longevity Imperative by Professor Andrew Scott. These works challenge traditional retirement models, arguing that retiring at 65 is no longer financially viable in a world where people may live to 100 years. Instead, societies must rethink career flexibility, lifelong learning, retirement financing, and insurance systems.

LSEI is collaborating with leading academics, including Professor Scott, to examine issues such as the economic impact of re-engaging retired workers, flexible employment innovations, and changing care arrangements. Dr. Cheong notes that longer life expectancies may require entirely new economic models, fundamentally changing how people save, consume, work, and participate in the economy throughout extended lifespans.

He emphasizes that the greatest opportunities lie in redesigning work structures, financial systems, and well-being services so that longer lives become a source of productivity, resilience, and sustainability rather than dependency and financial strain.

Pillar 2: Cultivating Holistic Well-Being

The second pillar, led by Professor Paulin Straughan, Director of the Centre for Research on Successful Ageing (ROSA), focuses on promoting successful ageing through a Life Course Approach. This approach integrates physical, mental, social, and financial well-being across every stage of life.

Professor Straughan explains that successful ageing does not begin at age 65, but is shaped by decisions, opportunities, and experiences accumulated over an entire lifetime. Building financial security, maintaining good health habits, and nurturing strong social relationships earlier in life all contribute to better outcomes in later years.

Using ROSA’s extensive longitudinal research data, the institute seeks to connect academic research with policymakers, industries, and community organizations to create practical solutions. These include accessible financial tools for seniors, initiatives that encourage social participation and connectivity, and dementia-friendly physical and digital environments that support cognitive health and independence.

Driving Regional and Global Impact

LSEI builds upon ROSA’s decade of research and its renewed five-year MOE Tier 3 grant, which provides a strong foundation for understanding the economic, social, behavioural, physical, and mental well-being of Singapore’s ageing population.

Dr. Cheong envisions establishing SMU and LSEI as global thought leaders in longevity societies and economies. Beyond academic research, the institute aims to develop practical products, services, and policy solutions in collaboration with governments, industries, and civic organizations.

Importantly, LSEI’s mission extends beyond Singapore. By positioning Singapore and SMU as regional reference points, the institute hopes to provide evidence-based models and strategies that other Asian cities can adopt as they navigate similar demographic and longevity transitions.

Source: https://research.smu.edu.sg/news/2026/may/building-longevity-economy-and-cultivating-holistic-well-being