The MAD FinTech cluster has a Silver Economy Commission, the ‘Seniors’ Economy’, and is preparing a White Paper that will include indications for starting up in a business niche that could be vital for economic reactivation.
Spain is one of the countries that will benefit most from the implementation of strategies for the Silver Economy: the country has more than 9 million people over 65 years of age with a spending capacity of 38 billion euros per year on the shopping list alone. If we add clothes, home, transport, tourism, culture, leisure… this amount multiplies. If they now represent 19.4% of the population, it is estimated that in 2033 they will be 25%, which will lead to a parallel increase in spending.
To channel these opportunities, the MAD FinTech clusterhas set up the Silver Economy Commission, where companies from the sectors with the greatest business potential for the elderly will discuss how to approach this population group. The final objective is to produce a White Paper that brings together the best strategies for placing Spanish companies at the forefront of this emerging sector.
To this end, the Commission seeks to know the situation of the Silver Economy in Spainto better understand this phenomenon, which must be understood from the point of view of both companies and seniors, who will be integrated into the financial system, especially in its digital aspect and from a FinTech and InsurTech prism.
Silver Economy White Paper
The idea is that the White Paper be structured in the economic segments of interest to this public, which are Financial Products, Insurance, Tourism, Leisure and Lifestyle, Health and Nutrition, Attention and Care, and E-Commerce. That is why we will look for companies in these sectors to join MAD FinTechand actively participate in the design of strategies that allow this public to be reached with products adapted to their interests and needs.
This White Paper will consider among its strategies to triple, in a space of 12 months, the number of users over 65 who buy products and services online. Hence, the Commission is born with a clear practical will, as a tractor of the Silver Economy in Spain.
The constituent companies of this Commission have been working on this White Paper for two months in spite of the confinement and through virtual meetings that are shaping this work guide, unprecedented in Europe. For the time being, Accenture, Caser, Óptima Mayores, Grupo Sergesa and SeniorsLeading are part of the Silver Economy Committee of MAD FinTech, also known as ‘Longevity Economy’ and ‘Seniors Economy’ and chaired by Luis Castillo, CEO of SeniorsLeading.
About MADFintech
The MADRID CAPITAL FINTECH (MAD FinTech) cluster is a non-profit association that was created by the impulse of the MADRID CITY COUNCIL, with the leadership of the ECOFIN FORUMthrough its CÍRCULO FINTECHworking group, whose thirty companies become partners founders of the cluster.
MAD FINTECH brings together commercial companies, financial entities, associations, training centers and institutions, both public and private, that carry out activities in the Madrid area with a global vocation and that freely associate to promote the development of the FinTech ecosystem (technology finance) in Madrid and from Madrid in an international projection.
