Increasing Life Expectancy in Spain and the Disregarded Socioeconomic Costs

Abstract

As a human population, life expectancy has continued to increase for the past century. This phenomenon is encouraging, because more time on earth allows for people to witness advancements in technology, experience changes in culture, and most importantly spend time with loved ones. However, life expectancy impacts pensions, benefits, healthcare, and retirement, which are areas that need to be addressed from a business perspective. Spain acts as a real-life example to discuss this topic, as life expectancy is predicted to reach an average of 85.8 years in 2030, surpassing Japan as the country with highest life expectancy in 2018 (Papadopoulos, 2019).

To understand what differentiates Spain and puts the nation in a position to have the highest life expectancy in the world, aspects of their unique culture and way of life will be examined. These factors help paint a picture of life in Spain. Furthermore, the challenges and socio-economic costs involved with increasing life expectancy are often overlooked, but are an important factor in forecasting, not only for individuals, but governments and businesses as well.

As a final consideration, aspects of life in Canada will be drawn for the purpose of comparison. Major factors that differentiate these countries such as diet and climate offer an explanation as to the variances in life expectancy. Some factors influencing life expectancy are out of the control of an individual, but there are elements all Canadians could learn from Spain.