Now in its fourth year, this prestigious award challenged entrants with devising solutions to the huge demographic challenges of ageing societies, to ensure that older people can lead more prosperous lives. This intergenerational challenge was acknowledged by the Chancellor this week as he unveiled a ‘budget for the next generation’, with a range of policies to encourage saving among people under 40.

A distinguished panel of judges, chaired by Jeremy Cliffe, Bagehot columnist at The Economist, questioned the five shortlisted finalists in a “Dragons’ Den”- style format in front of a packed room of business leaders, academics, think tankers and students.

Kyle Moore, a student at the National University of Ireland, Galway walked away with the £3,000 prize and the 2016 trophy with his innovative proposal for a reciprocal “caring credits” system within the EU. His idea, which is published in full, along with the other finalists’ entries by the Legatum Institute, proposes:

  • Participants would earn credits through caring for the elderly, which they could ‘cash in’ later in life in any EU member state, either to fund their own care or that of family members. He cited an existing Japanese scheme as a good example for Europe to follow.
  • Other original proposals included an equity release scheme to unlock funds for retirement living, and a ‘Care First’ scheme along the model of TeachFirst, to encourage more of the brightest graduates into the eldercare sector.

Sian Hansen, Executive Director, the Legatum Institute said:

“In a week where the Chancellor announced a ‘budget for the next generation’, it seems appropriate for the winner of the 2016 AIG Legatum Prize to have come up with a policy that financially incentivises younger people for caring for the elderly.”

Adam Winslow, Chief Executive Officer of AIG Life Limited added:

“It was genuinely inspirational to witness the range of different solutions proposed by these young thinkers to the very real problem of ensuring that an ageing society is a prosperous one. Kyle is a worthy winner, but there were many great ideas presented to the judges. We need to engage the brightest minds of all generations to find a solution to the demographic challenge that brings continued prosperity.”

ENDS

Notes to Editors

  1. The aim of the AIG Legatum Prize is to give younger people across the world 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.
  2. The competition was 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.
  3. The 2015/16 judges are Jeremy Cliffe, Bagehot columnist at The Economist; Sir 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.
  4. The question posed this year was ‘how can we ensure that ageing societies are more prosperous societies?’

Media Enquiries 

For more information please contact Nick Faith at the Legatum Institute on +44 (0) 7960 996 233 or Nicola Ratchford, Head of External Communications EMEA, at AIG +44 (0) 203 217 1789.

About the Legatum Institute

The Legatum Institute seeks to identify the drivers of prosperity, which we define as both wealth and wellbeing. Our signature product is the Legatum Prosperity Index™, a unique global assessment of national prosperity that assesses 142 countries and is an essential tool for governments across the globe. For more information please go to www.li.com and www.prosperity.com.

About AIG

American International Group, Inc. (AIG) is a leading global insurance organization. Founded in 1919, today we provide a wide range of property casualty insurance, life insurance, retirement products, mortgage insurance and other financial services to customers in more than 100 countries and jurisdictions. Our diverse offerings include products and services that help businesses and individuals protect their assets, manage risks and provide for retirement security. AIG common stock is listed on the New York Stock Exchange and the Tokyo Stock Exchange. Additional information about AIG can be found at www.aig.com and www.aig.com/strategyupdate | YouTube: www.youtube.com/aig | Twitter: @AIGinsurance | LinkedIn: www.linkedin.com/company/aig. These references with additional information about AIG have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release.

AIG is the marketing name for the worldwide property-casualty, life and retirement, and general insurance operations of American International Group, Inc. For additional information, please visit our website at www.aig.com. All products and services are written or provided by subsidiaries or affiliates of American International Group, Inc. Products or services may not be available in all countries, and coverage is subject to actual policy language. Non-insurance products and services may be provided by independent third parties. Certain property-casualty coverages may be provided by a surplus lines insurer. Surplus lines insurers do not generally participate in state guaranty funds, and insureds are therefore not protected by such funds.In Europe, the principal insurance provider is AIG Europe Limited.