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2024 Milken Institute Asia Summit
Longevity Cities Report Spotlight
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Comment Letter
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From Our Advisory Board
Message from the Managing Director
As we head into fall and embrace a new season of change, we’re reflecting on the impactful conversations from the 11th annual Milken Institute Asia Summit, held in Singapore on September 18–20, where global leaders gathered under the theme “Impactful Ideas: Purposeful Action.” With experts from around the globe, I facilitated three discussions exploring women’s health and aging, investment opportunities in the rapidly growing longevity market, and the evolving landscape of senior living and care in the Asia-Pacific region.
We are proud to feature a new report, published in July, on Longevity Cities, which provides a concise blueprint for a future where cities prioritize health and longevity on a global scale. In addition, we’re excited to announce the addition of Dawn Carpenter, director of Financial Longevity, to our team. Her expertise will strengthen our role in advancing financial longevity preparedness for all.
Looking ahead, we’re preparing for the Milken Institute Future of Health Summit, which will be held November 13–14 in Washington, DC. We look forward to sharing details of the event soon. We would also like to extend gratitude to our Advisory Board, Alliance to Improve Dementia Care, partners, and advocates, who are dedicated to advancing priorities in the aging space. Stay tuned for more updates!
Sincerely,
Diane Ty
Managing Director, Future of Aging
Milken Institute
Bringing together government officials and influential leaders in business, finance, health, technology, and philanthropy, the 11th annual Asia Summit program explored untapped opportunities to improve health and well-being, engender sustainable practices, enhance competitiveness, and activate more impactful investments for people and the planet. The Future of Aging convened two panels and a private dinner conversation detailed below.
From Lifespan to Healthspan: The New Frontier of Investment in Aging and Longevity
Longevity is a rapidly growing investment category, with the global longevity market projected to reach $600 billion by 2025. Excitement has been driven by advances in medicine and technology and a growing body of research into the biology of aging. Breakthroughs are motivating a focus on healthspan and preventive care, to help make sure our additional years are vibrant and more active. Longer, healthier lives mean that older adults can continue their positive engagement and influence in society as valued employees, lifelong learners, and vital volunteers and care providers for all generations. The panel explored the opportunities for investing in longevity, the economic benefits of doing so, and the latest advancements designed to optimize physical, emotional, and financial well-being as we age.
Aging in Asia: The Many Faces of Senior Living and Care and How to Afford It
By 2050, one in four adults in the Asia Pacific region will be aged 60 or older. These nearly 1.3 billion individuals and their families will drive demand for senior housing, long-term care, and retirement planning services. Leading innovators across the region and the globe have developed senior living and care solutions not just as a way to provide care—from activities of daily living to dementia care—but also for long-term financial security in support of lifestyles in which older adults thrive. These offerings represent an array of financial services solutions and business models, from life insurance that sells upgrades to policies through real estate and member models to rental models. During the conversation, company leaders spoke about how they work in the region to address retirement and care planning, adopting technology, and integrating elder care with local health-care systems.
Private Dinner Hosted by Mary Ann Tsao
The night before the Summit, Mary Ann Tsao, chairwoman of the Tsao Foundation, hosted a private dinner where Diane Ty moderated a discussion on women’s health and aging, with Sheila Lirio Marcelo, co-founder and CEO of Ohai.ai. As of 2020, according to a McKinsey study, only 1 percent of investments in health-care research and innovation were aimed at female-specific conditions beyond oncology. This is one of several reasons for the persistent women’s health gap, with women spending 25 percent of their lives in poorer health than men, even though women live five years longer. What’s more, women take on the lion’s share of family caregiving responsibilities, which can impact their health as well as their financial security because of lapses in employment. As Asia-Pacific ages, more women will become caregivers, sometimes caring for both aging loved ones and children at the same time, with potentially adverse effects on caregivers’ well-being both at home and at work. The conversation focused on needed innovations, from policy changes to employer support to preventive care, as attention is increasingly paid to the health and livelihoods of women.
In a new report published in July, authors presented the case for Longevity Cities to tackle the challenges of global population aging. The Milken Institute Future of Aging, alongside Upali Nanda, PhD, and Harris Eyre, MD, PhD, introduced a five-pillar framework, which urges action to optimize environmental exposures, promote brain health, enhance urban livability, leverage emerging technologies, and prioritize equity. The authors stress the intricate link among climate change, health, and longevity, emphasizing the need for innovative cross-sector solutions. The framework underscores the economic impact of brain health, the role of technology in personalized health care, and the significance of community engagement. The call for Longevity Cities extends beyond policy to include cultural richness, community involvement, and innovative financing models. Shaping Environments to Shape Us: The Case for Longevity Cities provides a concise blueprint for a future where cities prioritize health and longevity on a global scale.
Longevity.Technology spotlighted the Shaping Environments to Shape Us: The Case for Longevity Cities report and a 2024 Milken Institute Global Conference panel, “Longevity Lab: Can You Live to 100?” The article outlines the case for Longevity Cities as pivotal platforms where health, environment, and social factors converge to foster longer, healthier lives.
The Milken Institute Future of Aging is pleased to announce Dawn M. Carpenter, DLS, a new team member as director, Financial Longevity. Carpenter is a distinguished ethicist, financial advisor, and educator with a deep commitment to business ethics and social purpose corporations, particularly focusing on the welfare of the marginalized and working poor. She has extensive experience in financial advisory and advocacy, economics storytelling, and financial and business ethics education. Carpenter has held leadership positions at Georgetown University, City First Bank of DC, and JPMorgan Chase & Co., among others, where she was responsible for strategic financial initiatives, mentoring, and community development. Her professional experience spans more than two decades and includes roles in investment banking, asset management, corporate governance, and financial services. Carpenter is also an award-winning podcast host and an accomplished author and speaker, contributing to various publications and presenting at conferences on topics related to work, wealth, and social economy. She holds a doctorate in liberal studies from Georgetown University in addition to graduate degrees in political science, finance, and theology. Carpenter is actively involved in several professional associations and is an advisor to the Vatican on solidarity economy issues.
This section showcases articles, media highlights, and more, featuring Future of Aging leaders as speakers, authors, or expert interviewees.
June 21: Diane Ty spoke in a one-on-one conversation with Claire Casey, president of the AARP Foundation, at the Blooming Day Conference. They discussed the need to address the connection between health and wealth "spirals," given the extensive body of research examining the relationship between income and health. They also addressed the impact of medical debt—including carrying it, anticipating it, or avoiding it—which not only causes economic stress but can negatively impact health when people make decisions to delay health-care services or forego them altogether.
September 17: Lauren Dunning, director, Milken Institute Future of Aging, spoke on a panel for Telehealth Awareness Week hosted by the American Telemedicine Association. The focus was “Digital Literacy and Technology Access for Older Adults.” The discussion explored the various ways in which organizations and communities are working to close the digital divide so that older adults can feel empowered to live more connected, independent, and satisfying lives.
September 19: Ty spoke at the Caregiving Moonshots event hosted by NBC News Anchor Richard Lui adjacent to the Asia Summit. The high-tea event brought together local leaders representing business, academia, the media, and the community to contribute new ideas to support the “joy despite difficulty” of family caregiving.
September 9: Ty, Dunning, and Priyanka Shah, associate director, submitted a comment letter on behalf of the Milken Institute Future of Aging to the Administration for Community Living and the Interagency Coordinating Committee on Healthy Aging and Age-Friendly Communities. The writers commended the organizations’ efforts to develop a new Strategic Framework for a National Plan on Aging and offered constructive feedback to strengthen the Framework further.
August 12: In a Momentum Discussion podcast episode, "Addressing Brain Health in Asian American Communities," Ty discussed the unique challenges and cultural factors affecting brain health within Asian American communities. She emphasized the importance of tailored brain health initiatives and resources to improve awareness and support, and highlighted the need for collaboration among health-care providers and community organizations.
August 25: In an episode of the Aging Well Podcast, Jeff Armstrong discussed the Milken Institute's report, Transcending Age-Based Divides: The Case for Scaling Intergenerational Solutions, with Dunning and Eunice Lin Nichols, co-CEO of CoGenerate and a Future of Aging Advisory Board member. They examined how intergenerational connections can positively impact work, health, education, and communities, offering insight into programs and technologies that help bridge generational gaps and foster social engagement.
August 6: In “US Finally Has a Plan on Aging. Will We Use It?", Paul Irving, senior advisor, Milken Institute Future of Aging, praised the new Strategic Framework for a National Plan on Aging as "a terrific and important document," but cautioned that the degree to which a plan can be developed and implemented will largely depend on the administration and Congress.
August 9: “Dementia: A Diagnosis Too Often Delayed” includes Ty's perspective on her own family history and the significant issue of delayed dementia diagnoses. She advocates more timely and accurate diagnoses to ensure that individuals receive early intervention and better care management. Her insights echo the crucial need for improved diagnostic tools and practices and greater awareness to address dementia early.
August 21: In a Los Angeles Times article, Dunning spoke to author Debra Netburn about the benefits of connecting with people of different generations and how these relationships offer valuable perspectives and benefits to people of all ages.
September 5: Dunning was highlighted in the South China Morning Post for her insights on intergenerational relationships.
September 19: Dunning was interviewed live by NBC Washington about the positive effects of having friends from different generations. She spotlighted research showing that having intergenerational friendships is good for our health.
September 20: In an article for US News & World Report, Dunning provided insights on various financing options for senior living, including personal savings, long-term care insurance, and government assistance programs. She emphasized the importance of understanding the costs associated with different types of senior housing to help families make informed decisions about care for their loved ones.
September 23: A new AARP report emphasized the need for better representation of people aged 50 and over in online media, while also noting that progress has been made. Irving mentioned that more examples of positive aging are portrayed in the media: “The good news is things are moving—and, I think, moving in the right direction,” Irving said. “If there’s bad news, it's that they’re not moving fast enough.”
July 16: In an article for Harvard Business Review, Irving wrote, “Should an Aging Leader Step Aside?” which explored the debate over aging leadership, especially in the political arena, focusing on figures such as President Joe Biden. He posed important questions about how aging leaders should think about their roles and the complexities involved when the aging process affects decision-making or public perception.
June 11: In a video for WorkingNation, Irving warned that ageism is a real threat to older workers. He challenged business leaders, hiring managers, and the media to think about older adults in new ways, especially at a time when employers are claiming that they can’t find enough workers to fill 8 million open jobs.
September 5: Ty and Jennifer Rossano, project lead, Milken Institute Future of Aging, authored an article for ASA Generations highlighting research showing that proactive measures such as regular physical activity, mental stimulation, and social engagement can significantly reduce the risk of cognitive decline in older adults. They stress that adopting a holistic approach to health is crucial for maintaining cognitive function and overall well-being as one ages.