For thousands of years, people have looked after their children with the expectation that the younger generation would, in turn, care for them in their old age. In the same way, many of us care for our parents in later life because they looked after us when we were young.
This age-old agreement is known as the “intergenerational contract”. Unfortunately, for a number of social and economic reasons, it has recently shown signs of breaking down. Now it’s the time to examine why – and to find ways to reinvigorate it.
A report released earlier this week by the UK think tank United for All Ages calls for more structured activities that bring people of all ages together. Titled The Next Generation, the document details "how intergenerational interaction improves life chances of children and young people". Mixing with their elders, it states, helps children and teenagers develop communication, social skills and empathy. There are also important benefits for senior citizens – perhaps most significant among them is tackling the loneliness a large number of older people experience.
That sense of isolation exists in everyday life, but is amplified by our online interactions. Social media has helped to place us all in echo chambers, where we tend speak and listen to people who hold similar views to us. The overwhelming majority of those people will also be the same age. This widens an already considerable generational divide.
Everyone suffers from this kind of segregation. Older people bring a sense of the big picture, stories and experiences to those younger than themselves. Young people keep their elders in touch with new ideas and a changing world. Both give each other a broader understanding of life and the things we all have in common.
If you need proof that older and younger people have much to teach each other, look no further than Old People’s Home for 4 Year Olds. In this TV programme recently broadcast by the UK’s Channel 4, film-makers placed a nursery inside a home for senior citizens and recorded what happened. Millions of viewers tuned in to watch the heart-warming and inspiring interactions between the residents and their tiny visitors. In fact, the initiative was such a success that the home in question now plans to build a permanent nursery on site – one of 40 such twinned nursery and care homes in the UK.
The magic of bringing children and older people together is easy to see on TV, but it appears that many of us have more difficulty grasping the benefits in real life.
Historically, the number of children in the world has been far greater than that of older people. Today, as we have smaller families and live longer, that is changing. People over 60 now make up 13 per cent of the global population, and this figure is rising. The number of people over 80 years old is projected to rise sevenfold – from 137 million today to 909 million by 2100. In Europe, the number of people over 65 already exceeds those under 15.
As the average age of the world's population rises, the chances for young people to benefit from the wisdom of their elders grow. The only problem is that with longer life expectancies comes an increased need for care. As our working and family lives change – more women in the workplace, fewer children – and older people increasingly wish to maintain their independence, the big question is how we rise to this challenge.
Programmes specifically designed to bridge the generation gap go some way towards doing this, but we also have to change the way we think about both older and younger people. The most important thing to remember is that they are not two separate groups to be taken care of separately and differently, but equal participants in society with a great deal to give to one another. By reconsidering the nature of the intergenerational contract as a means for growth and learning, rather than one of obligation, we can create a whole new world of opportunities for everyone.
Shelina Janmohamed is the author of Love in a Headscarf and Generation M: Young Muslims Changing the World
Springtime in a Broken Mirror,
Mario Benedetti, Penguin Modern Classics
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THE SPECS
Engine: 1.5-litre
Transmission: 6-speed automatic
Power: 110 horsepower
Torque: 147Nm
Price: From Dh59,700
On sale: now
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David Haye record
Total fights: 32
Wins: 28
Wins by KO: 26
Losses: 4
Specs
Engine: Electric motor generating 54.2kWh (Cooper SE and Aceman SE), 64.6kW (Countryman All4 SE)
Power: 218hp (Cooper and Aceman), 313hp (Countryman)
Torque: 330Nm (Cooper and Aceman), 494Nm (Countryman)
On sale: Now
Price: From Dh158,000 (Cooper), Dh168,000 (Aceman), Dh132,000 (Countryman)
Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.
Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.
“Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.
Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.
“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.
Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.
From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.
Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.
BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.
Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.
Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.
“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.
Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.
“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.
“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”
The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”
Haircare resolutions 2021
From Beirut and Amman to London and now Dubai, hairstylist George Massoud has seen the same mistakes made by customers all over the world. In the chair or at-home hair care, here are the resolutions he wishes his customers would make for the year ahead.
1. 'I will seek consultation from professionals'
You may know what you want, but are you sure it’s going to suit you? Haircare professionals can tell you what will work best with your skin tone, hair texture and lifestyle.
2. 'I will tell my hairdresser when I’m not happy'
Massoud says it’s better to offer constructive criticism to work on in the future. Your hairdresser will learn, and you may discover how to communicate exactly what you want more effectively the next time.
3. ‘I will treat my hair better out of the chair’
Damage control is a big part of most hairstylists’ work right now, but it can be avoided. Steer clear of over-colouring at home, try and pursue one hair brand at a time and never, ever use a straightener on still drying hair, pleads Massoud.
COMPANY PROFILE
Name: Kumulus Water
Started: 2021
Founders: Iheb Triki and Mohamed Ali Abid
Based: Tunisia
Sector: Water technology
Number of staff: 22
Investment raised: $4 million
Torbal Rayeh Wa Jayeh
Starring: Ali El Ghoureir, Khalil El Roumeithy, Mostafa Abo Seria
Stars: 3
Company%20Profile
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THE SPECS
Engine: 6.75-litre twin-turbocharged V12 petrol engine
Power: 420kW
Torque: 780Nm
Transmission: 8-speed automatic
Price: From Dh1,350,000
On sale: Available for preorder now
The five pillars of Islam
Dark Souls: Remastered
Developer: From Software (remaster by QLOC)
Publisher: Namco Bandai
Price: Dh199
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All ties are to be played the week commencing December 21.
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Founders: Michele Ferrario, Nino Ulsamer and Freddy Lim
Started: established in 2016 and launched in July 2017
Based: Singapore, with offices in the UAE, Malaysia, Hong Kong, Thailand
Sector: FinTech, wealth management
Initial investment: $500,000 in seed round 1 in 2016; $2.2m in seed round 2 in 2017; $5m in series A round in 2018; $12m in series B round in 2019; $16m in series C round in 2020 and $25m in series D round in 2021
Current staff: more than 160 employees
Stage: series D
Investors: EightRoads Ventures, Square Peg Capital, Sequoia Capital India
Teachers' pay - what you need to know
Pay varies significantly depending on the school, its rating and the curriculum. Here's a rough guide as of January 2021:
- top end schools tend to pay Dh16,000-17,000 a month - plus a monthly housing allowance of up to Dh6,000. These tend to be British curriculum schools rated 'outstanding' or 'very good', followed by American schools
- average salary across curriculums and skill levels is about Dh10,000, recruiters say
- it is becoming more common for schools to provide accommodation, sometimes in an apartment block with other teachers, rather than hand teachers a cash housing allowance
- some strong performing schools have cut back on salaries since the pandemic began, sometimes offering Dh16,000 including the housing allowance, which reflects the slump in rental costs, and sheer demand for jobs
- maths and science teachers are most in demand and some schools will pay up to Dh3,000 more than other teachers in recognition of their technical skills
- at the other end of the market, teachers in some Indian schools, where fees are lower and competition among applicants is intense, can be paid as low as Dh3,000 per month
- in Indian schools, it has also become common for teachers to share residential accommodation, living in a block with colleagues