Conditions for the Growth of the “Silver Economy” in the Context of Sustainable Development Goals: Peculiarities of Russia

Abstract

A “silver economy” can drive economic growth. The key condition is effective demand, determined by the number of financially secure members of the elderly population. The aim of this study is to assess the conditions of the Russian “silver economy”, identify the constraints on its growth, and develop recommendations for their elimination to achieve Sustainable Development Goals. We applied multivariate statistical analysis methods. The absolute and structural numbers of elderly people in Russia were found to not differ much from those in the developed countries of Europe. Their financial support exhibits several important features. A state pension plays a key role in financing the needs of Russian pensioners. Income from labor occupies the second position. Asset-based reallocations are negligible. Public programs will improve the standard of living of current pensioners. For future pensioners, it is important to increase the income received from asset-based reallocations. Russian pensioners were found to have had a negative experience of participation in the funded pension system. It is necessary to stimulate the voluntary participation of future pensioners in the funded pension system and to change the regulation of the investment activities of pension managers. In general, the formation of conditions favorable to the “silver economy” may turn it into a driver of sustainable development in Russia.