The shortlisted entries, though all very different from each other, provide valuable ideas to the question posed in this year’s prize, ‘How can we ensure that ageing societies are more prosperous societies?’ All entrants are under the age of 35. Responses were received internationally, including from the University of Cape Town, University of Pennsylvania, Sciences Po Paris and across the UK and Ireland.
The shortlisted entrants will now be asked to present their ideas to an expert panel of judges on 17 March 2016 at a ‘Dragons’ Den’ style event hosted by the Legatum Institute. The judges will then decide on the winners based on their essay submission and presentation. The winner of the AIG Legatum Prize will be awarded £3,000.
The finalists are:
Chanel Monteine, University of Bath
The essay describes how the EU should look to introduce a ‘Young Professional Programme’, allowing highly educated non-EU nationals to live and work in the EU for 5-10 years. The temporary influx of highly educated workers would help pay for the benefits of those in retirement.
Jonathan Lindsell, Civitas
The essay describes how the British Government could replicate the Teach First model with a ‘Care First’ scheme to attract the brightest and best graduates into the elderly care sector.
Haley James and Jonathan Guillemot, KCL-Institute of Gerontology
The essay describes how the government could help elderly people unlock the wealth in their homes by creating a non-for-profit insurance organisation that would offer more attractive equity release products.
Gareth Jones, Newgate Communications
The essay describes how the government should look to end the triple-lock for pensions, means test pensioner benefits and increase the housing stock in areas of high demand.
Kyle Moore, National University of Ireland, Galway
The essay describes how an EU-wide caring credits system could be created, allowing citizens to earn ‘time credits’ in exchange for caring for the elderly. These credits can be used when they, in turn, are elderly or on financing care for relatives.
Stephen Clarke, Head of Quantitative Research at the Legatum Institute said:
"In the next four decades, the number of people aged over 60 globally is set to jump from 800 million to 2 billion. This huge increase will pose enormous economic, political and health-related challenges. The purpose of the AIG Legatum Prize is to find innovative, new ideas to help countries around the world not only prepare but prosper from this demographic shift."
Adam Winslow, Chief Executive Officer of AIG Life Limited added:
"How societies are able to cater for their ageing populations is a growing challenge across the globe. It’s inspiring to have had so many responses to the AIG Legatum Prize from across the world and I’m looking forward to hearing the presentations in March."
Notes to Editors
- The aim of the Legatum Prize is to give younger people a voice, and to bring together the best and brightest young thinkers to address issues of relevance to public policy that are inadequately addressed and understood in existing research.
- The competition is open to all individuals, 35 years or younger. The Legatum Institute encourages submissions from a range of disciplines from economics, history, political science, business, philosophy and beyond. Entrants were asked to submit a 2,000 word essay.
- The 2015/16 judges are Jeremy Cliffe, Bagehot columnist at The Economist; Martyn Lewis CBE, broadcaster, journalist and Chairman of the National Council for Voluntary Organisations (NCVO); Julia Manning, founder and Chief Executive of 2020health; Rudi Westendorp, Professor of Old-Age Medicine at the University of Copenhagen; and Adam Winslow, Chief Executive Officer of AIG Life Limited.
For more information, please contact Nick Faith at the Legatum Institute (P: +44 (0) 7960 996 233)
About the Legatum Institute
The Legatum Institute is an international think tank and educational charity focused on promoting prosperity. We do this by researching our core themes of revitalising capitalism and democracy. The Legatum Prosperity Index™, our signature publication, ranks 142 countries in terms of wealth and wellbeing. For more information please go to www.li.com and www.prosperity.com.