Active aging and prerequisites for silver entrepreneurship in Serbia

  • Valentina Ivanić Cultural Due Diligence Institute, Novi Sad (Serbia)
Keywords: active aging in the EU, silver entrepreneurship, economic prerequisites for silver entrepreneurship, cultural prerequisites for silver entrepreneurship, Serbia


This article identifies links between the active aging process and the “silver economy” at the European Union level. It also defines economic and societal prerequisites for “silver entrepreneurship”, which Serbia, as a small, transition, factor-driven economy can exploit. Previous research has shown there are two ways in which older people can be involved in the silver economy: as producers (“silver entrepreneurs”), or as consumers. Demand for data about silver entrepreneurship has been driven by macroeconomists, notably those devoted to issues around fiscal instability, rather than by the urgent need to consider this phenomenon as one driven by growth and competitiveness.

Existing research has identified two forms of silver entrepreneurship: opportunity-based and necessity-based. Opportunity-based silver entrepreneurship is inherent in economies with high GDP per capita. Across the EU-28 nations, the average GDP per capita in purchasing power standard (PPS) in 2017 was recorded as 29,299 EUR. This figure was used as a proxy measurement of living standards. However, in the smaller transition economies of Southeast Europe, this figure is a lot lower. In 2017, the average GDP per capita in PPS in Serbia was 4,800 EUR.

In order to identify the economic factors necessary for silver entrepreneurship at both the company and individual levels in Serbia, we derived data from a range of sources. These included the Statistical Office of the Republic of Serbia, the Labour Force Survey, 2017, the Pension and Disability Insurance Fund, and the Ministry of Trade, Tourism and Telecommunications.

Data relating to the Uncertainty Avoidance Index for Serbia (UAI) were derived from research organized by the Regional Cooperation Council and GfK. The author then calculated the UAI for Serbia. The collected data showed how the UAI for Serbia has changed over time, declining from a value of 92 in 1993 to 60 in 2016. Statistics about pensions in Serbia show that only military retirees, who have an average monthly pension of 46,494 RSD, can cover the minimum consumer basket costs of 36,090 RSD.


Download data is not yet available.

Author Biography

Valentina Ivanić, Cultural Due Diligence Institute, Novi Sad (Serbia)

Research Associate


Ahmad, N., Nasrudin, A., Halim, H., & Taghizadeh, S. (2014). The Pursuit of Entrepreneurial Initiatives at the “Silver” Age: From the Lens of Malaysian Silver Entrepreneurs. Paper presented at “2nd International Conference on Innovation, Management and Technology Research”, Penang, Malasya, May 12-15.

Alstete, J. (1995). Aspects of entrepreneurial success. Journal of Small Business and Enterprise Development, 15(3), 584-594.

Amit, R., & Muller, E. (1995). “Push“ and “pull“ entrepreneurship. Journal of small Business and Entrepreneruship, 12(4), 64-80.

Anđelić, G., Ivanić, V., & Đaković, V. (2012). The impact of the EU accession process to the organizational culture of companies operating in transition countries. Proceedings of Rijeka Faculty of Economics, Journal of Economics and Business, 30(2), 295-319.

Bass, S., Caro, F., & Chen, Y. (1993). Achieving a productive aging society. Westport: Auburn House.

Beugelsdijk, S., Maseland, R., & Van Hoorn, A. (2015). Are Scores on Hofstede’s Dimensions of National Culture Stable Over Time? A Cohort Analysis. Global Strategy Journal, 5(3), 223-240.

Blackburn, R., Mackintosh, L., & North, J. (1998). Entrepreneurship in the third age. Surrey: Kingston University.

Borsch-Supan, A. (2014). Silver Economy: Pipe Dream or Realistic Possibility? Munich: Max Planck Institute for Social Law and Social Policy. Munich Center for the Economics of Aging (Discussion Papers 2014-26). (accessed 29 Mar 2019).

Brandstatter, H. (2011). Personality aspects of entrepreneurship: A look at five meta-analysis. Personality and Individual Differences 51(3), 222-230.

Cannon, T. (2008). Silver entrepreneurship: new days, new ways. Working with Older People, 12(2), 30-33.

Devedžić, M., & Gnjatović Stojilković, J. (2015). Demografski profil starog stanovništva Srbije. Beograd: Republički zavod za statistiku.

Devedžić, M., & Stojilković, J. (2012). Novo poimanje starosti ‒ Prospektivna starost. Stanovništvo, 50(1), 45-68.

European Commission (2007). Europe s Demographic Future: Facts and Figures on Challanges and Opportunities. Luxembourg: Office for Official Publications of the European Commission. (accessed 25 Dec 2018).

European Commission (2010). Communication from the Commission, EUROPE 2020 A strategy for smart, sustainable and inclusive growth. Brussels: COM (2010) 2020. (accessed 03 Oct 2018).

European Commission (2015). The 2015 Ageing Report Economic and budgetary projections for the 28 EU Member States (2013-2060). Brussels: DG for Economic and Financial Affairs. European Economy (3). (accessed 14 Dec 2018).

European Commission (2018). European Union, Trade in goods with Serbia. Brussels: DG for Trade. (accessed 10 Jan 2019).

Eurostat (2017). Key figures on enlargement countries. Luxembourg: Eurostat.

Eurostat (2018). Key figures on Europe. Luxembourg: Eurostat.

Fasbender, U., Wang, M., Volter, J., & Deller, J. (2016). The Meaning of Work for Post-retirement Employment Decisions. Work, Aging and Retirement, 2(1), 12-23.

Formosa, M. (2017). Responding to the Active Ageing Index: Innovations in Active Ageing Policies in Malta. Journal of Population Ageing, 10(1), 87-99.

Halvorsen, C. J., & Morrow-Howell, N. (2017). Conceptual Framework on Self-Employment in Later Life: Toward a Research Agenda. Work, Aging and Retirement, 3(4), 313-324.

Harms, R., Luck, F., Kraus, S., & Walsh, S. (2014). On the motivational drivers of gray entrepreneurship: An explanatory study. Technological Forecasting & Social Change, 89, 1-8.

Hofstede, G. (2001). Culture’s Consequences, Comparing Values, Behaviours, Institutions and Organizations Across Nations (2nd ed.) London: SAGE Publication.

Hofstede, G., Hofstede, G., & Minkov, M. (2005). Cultures and organizations; Software of the Mind. London: McGrowHill.

Hoselitz, B. (1959). On Historical Comparison in the Study of Economic Growth. In R. Goldsmith (Eds.), The Comparative study of Economic Growth and Structure. New York: NBER.

House, R., Hanges, P., Javidan, M., Dorfman, P., & Gupta, V. (2004). Culture, Leadership and Organizations: GLOBE Study of 62 Societies. London: Sage.

Ivanić, V. (2017). Organizaciona kultura kao činilac konkurentnosti preduzeća u tranzicionim uslovima. Beograd: Institut ekonomskih nauka.

Kautonen, T. (2008). Understanding the older entrepreneur: Comparing third age and prime age entrepreneurs in Finland. International Journal of Business Science and Applied Management, 3, 3, 3-13. (accessed 25.03. 2019).

Klimczuk, A. (2016). Comparative Analysis of National and Regional Model of Economy in the European Union. International Journal of Ageing and Later Life, 10(2), 31-59.

Kok, D., Ichou, J., & Verheul, I. (2010). New firm performance: Does the age of founders affect employment creation. Zoetermeer: EIM. (accessed 29 Mar 2019).

Kurek, S., & Rachwal, T. (2011). Development of entrepreneurship in ageing populations of The European Union. Procedia ‒ Social and Behavioral Sciences 19, 397-405.

Luck, F., Kraus, S., & Bouncken, R. (2014). Senior Entrepreneurship: Definitions and Underlying Theories. International Journal of Business Research, 14(3), 209-214.

Maksimović, M., & Ivanić, V. (2018). Evropska unija u promenljivom ekonomskom okruženju. U L. Čičkarić & A. Bošković (ur.), Ka Evropskom društvu: Ograničenja i perspektive (str. 69-93). Beograd: Institut društvenih nauka.

Mals, E. I., & Rogoff, E. (2014). Senior Entrepreneurship: The New Normal. Public Policy & Aging Report, 24(4), 141–147.

Milankov, M. (2010). Starosna diskriminacija. Gerontologija, 36(1), 78-94.

Milankov, M., & Opačić, B. (2012). Kultura starenja i stari u kulturi. Beograd: Zavod za proučavanje kulturnog razvitka.

Ministarstvo trgovine, turizma i telekomunikacija (2017). Kupovna moć stanovništva, Potrošačka korpa. Beograd.ĆDECEMBAR%202017.pdf (pristupljeno 3.10. 2018).

Nikitović, V. (2010). Demografska budućnost Srbije: Imigracija kao izvesnost? Beograd: Institut društvenih nauka, Službeni glasnik.

OECD (2014). The Silver Economy as a Pathway for Growth. Paper presented to conference 2014 “The Silver Economy as a Pathway for Growth, Insights from the OECD-GCOA (Global Coalition of Aging) Expert Consultation”. Oxford, UK, June 26, 2006. (accessed 24 Dec 2018).

Radaelli, C. (2003). Europeanization of Public Policies. In K. Feathersone, C. Radaell, K. Featherstone & M. Radaeli (Eds.), The Politics of Europeanization (pp. 27-57). New York: Oxford University Press.

Regional Cooperation Council (2013). South East Europe, Jobs and prosperity in a European perspective. Sarajevo: RCC. (accessed 14 Dec 2018).

Regional Cooperation Council (2017). South East Europe 2020: Annual Report on Implementation for 2017. Sarajevo: RCC.

Reichers, A., & Schneider, B. (1990). Climate and Culture: An Evolution of Constructs. In B. Schneider, Organizational Climate and culture (pp. 5-40). San Francisco: Jossey-Bass.

Republički fond penzijskog i invalidskog osiguranja (2017). Broj korisnika penzija i broj osiguranika po filijalama i opštinama za decembar 2017. godine. Beograd: FOND PIO. (pristupljeno 11.11. 2018).

Republički zavod za statistiku (2017). Anketa o radnoj snazi u Republici Srbiji. Beograd: Republički zavod za statistiku (RZS). (pristupljeno 11. 11. 2018).

Sanderson, C., & Scherbov, S. (2008). Rethinking Age and Aging. Population Bulletin, 63(4), 1-20. (accessed 25 Mar 2019).

Schott, T., Rogoff, E., Herrington, M., & Kew, P. (2017). Global Entrepreneurship Monitor. Special topic report 2016-2017 – Senior Entrepreneurship. Babson Park, MA. (accessed 28 Mar 2019).

Schwab, K. (2018). The Global Competitiveness Report 2018. Geneva, World Economic Forum.

Seymour, N. (2002). Starting Up After 50. CELCEE Digest. Los Angeles: ERIC Clearinghouse on Entrepreneurship Education (Report No-02-05).

Schultz, W. (1985). Ulaganje u ljude: Ekonomika kvalitete stanovništva. Zagreb: Cekade.

Schulz, E., & Radwanski, M. (2014). Impact of ageing populations on silver economy, health and long-term care workforce. Brussels: NEUJOBS (NEUJOBS Policy Brief No. D12.4).

Singh, R. (2009). The Aging Population and Mature Entrepreneurs: Market Trends and Implications for Entrepreneurship. New England Journal of Entrepreneurship, 12(1), 45-55.

Singh, R., & DeNobble, A. (2003). Early retirees as the next generation of entrepreneurs. Entrepreneruship Theory and Practice, 27(3), 207-226.

Stefanik, M., Domonkos, T., & Horvat, P. (2013). Modeling the Economic Potential of the Silver Economy. Brussels: NEUJOBS (NEUJOBS Working Paper No. D12.3). (accessed 26 Mar 2019).

Taras, V., Kirkman, B. L., & Steel, P. (2010). Examining the impact of Culture's consequences: a three-decade, multilevel, meta-analytic review of Hofstede’s cultural value dimensions. Journal of Applied. Psychology, 95(3), 405-439.;

Tempest, S., Barnatt, C., & Coupland, C. (2002). Grey advantage: New strategies for the old. Long Range Planning, 35(5), 475-492.

Tkalec, I. (2017). The Interplay between Active Ageing and Silver Economy – a QCA Analysis. Paper presented at “Competitiveness and Transformation of the Welfare State in Europe”, Luxembourg, University of Luxembourg, November 24, 2017.

Varnai, P., Simmonds, P., Worthington, H., & Farla, K. (2015). The Silver Economy: Final Report. Brussels: European Commission, DG Communications Networks, Content and Technology. (accessed 24 Mar 2019).

Walker, A., & Maltby, T. (2012). Active ageing: A strategic policy solution to demographic ageing in the European Union. International Journal of Social Welfare 21(S1), 117-130.

Walker, A. (2006). Active Ageing in Employment: Its Meaning and Potential. Asia Pacific Review, 13(1), 78-93.

Weber, P., & Schaper, M. (2004). Understanding the Grey Entrepreneur. Journal of Enterprising Culture, 12(2), 147-164. (accessed 25 Mar 2019).

Wertheimer-Baletić, A. (1999). Stanovništvo i razvoj. Zagreb: MATE.

Zdravković, A., Domazet, I., & Nikitović, V. (2012). Uticaj demografskog starenja na održivost javnih finansija u Srbiji. Stanovništvo, 50(1), 19-44.

Zsarnoczky, M. (2016a). Innovation Challenges of the Silver Economy. VADYBA, 28(1), 105-109.

Zsarnoczky, M. (2016b). Silver tourism. Paper presented to “International Scientific Days 2016: The Agri-Food Value Chain: Challenges for Natural Resources Management and Society”, Nitra, Slovak Republik, May 19-20 (accessed 28 March 2019).

How to Cite
Ivanić, V. (2019). Active aging and prerequisites for silver entrepreneurship in Serbia. Stanovnistvo, 57(1), 71-95.