Citizens Over 50 Play an Increasingly Vital Role in the Economy

In Hungary, more than 3.1 million people are now aged 50–74, accounting for one-third of the population. Meanwhile, the working-age population is declining by approximately 50,000 people each year. As labor shortages intensify and demographic changes accelerate, the work, experience, and entrepreneurial activities of older generations are playing an increasingly important role in Hungary’s economic and social development.

“Without the senior population, many of our sectors would be practically unable to function. It is therefore a key issue to assess the knowledge and skill levels of our middle-aged and older compatriots, and to what extent they are able to keep pace with business and technological changes,” said Péter Ákos Bod, an economist and university professor.

The economic role of older generations is also crucial for the future of businesses.

In Hungary, the proportion of entrepreneurs who remain active even after reaching the official retirement age is particularly high, which draws attention to the difficulties surrounding business ownership transfers and succession planning.

The 50–74 age group is by no means homogeneous: its members have diverse social backgrounds, health statuses, and labor market experiences. Today’s older generations are generally better educated and remain in the labor market longer; however, in many cases, they reach retirement age with more fragmented employment histories than previous generations.

The ÉletPlusz program, created as a joint initiative between Haleon Hungary and the Hekate Foundation for Conscious Aging, seeks to find ways to help people live healthy, active, and independent lives for longer.

The program supports healthy and conscious aging through workshops, knowledge-sharing, and community initiatives.

On October 13, the program brought together experts on aging and demographic trends in Budapest. Over the past year, ÉletPlusz has grown into a nationwide initiative: with 49 events held across 19 locations, it has created opportunities for dialogue and knowledge-sharing on conscious aging. More than 1,500 participants and 453 active partners and stakeholders have joined the program.

Via ÉletPlusz; Featured photo: Pexels

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