Harnessing the Lifelong Learning for Economic Sustainability in the Era of Longevity

ABSTRACT This study investigates the mitigating role of older persons' educational attainment in the negative relationship between population aging and economic growth. Using unbalanced panel data from 126 countries over the period of 1985 to 2019, the results show that a higher proportion of older persons with post‐secondary educational attainment attenuates the growth‐deteriorating effect of population aging, with the effect turning positive once this proportion exceeds the estimated threshold of 38%. A country could harness the longevity dividend from its older population if the proportion of older persons with post‐secondary education qualification has attained a sufficiently high level. Mechanism analysis shows that educated older persons mitigate the adverse impact by compensating for the loss of labor force and total factor productivity induced by population aging. Sub‐sample analysis shows that the rising educational attainment of older persons is essential in offsetting the growth‐deteriorating effect of population aging for developing countries experiencing “old before rich.” This study highlights the importance of promoting lifelong learning among the older population in ensuring sustainable economic growth in the era of rapid population aging.