Seniors

WHAT'S NEXT?: Between 2000 and 2050, the proportion of the world's population aged over 60 will double from about 11 per cent to 22 per cent.

• [New] The UK's population is ageing and by 2037, it is forecast that 13% of the population will be 75 or older - an increase of more than 60% from today.
• In the coming decades governments will face still more pressure on their budgets from the pension and health-care spending associated with an ageing population, investments to fight climate change, and any further catastrophes in the mould of covid-19.
• Elderly Care Market is expected to gain market growth in the forecast period of 2020 to 2027.
• The Irish Government report has warned about an imminent pension time bomb as the number of people entitled to the State pension, the single largest block of social welfare expenditure, is set to double in the next 36 years.
• The curious anomaly of population decline, long-term emigration trends, ageing populations and hostility toward immigration raises a number of strategic policy questions that some European countries will likely face for years to come.
• Dementia is one of the major health challenges of the 21st century that could threaten successful ageing of the population.
• Between 2050 and 2080, OECD countries will need at least 400 million new workers to maintain current pension and health schemes, resulting from a shrinking working-age population and a growing elderly population.
• The shrinking size of households is linked to the ageing of the UK population, with growth in older households set to account for 36% of the projected 3.7 million increase in the number of UK households by 2040.
• Ageing populations could be a boon to economies in the Asia and Pacific region if governments adopt technology policies that improve elderly people's health, extend skills and working lives, and facilitate job matching.
• The demographics of world population are set to change, with more elderly living in developing countries, and it has been estimated that by 2050 half of hip fractures occur in Asia, that will drive the growth of this market.
• The CBI has warned if the government does not pay a premium, then UK pension funds and savers would take a hit of £9bn, which is £327 per UK household.
• The proportion of elderly people in Thailand aged 60 and over will increase from 14.9% in 2016 to 19.1% in 2020, and will go on to rise to 32.1% in 2040.
• Since 1980, the number of people with diabetes globally has nearly quadrupled to over 420m, and experts predict that by 2045, more than 600m people could be affected by the disease due to the ageing population and increasingly unhealthy lifestyles.
• China's population is now rapidly ageing, and the United Nations projects that the elderly share will surpass all economies (except Japan) by about 2050.
• Scientists around the world have warned elderly people, generally over the age of 70, and people of any age with pre-existing health conditions are the most at risk of getting coronavirus.
• The decline in Brazil's infrastructure market seen in 2019 was expected due to the change in government, which has impacted business in 2019, particularly at the beginning of the year, with expectations around the pension reform.
• Pensions are at risk by exposure to overvalued carbon assets as the world moves to cheaper renewables and governments legislate for net-zero emissions.
• London's senior population will grow by 13% over the next 10 years, with the largest growth expected in Camden where seniors would increase by almost 30%.
• Up to 2050 the ageing population is partly caused by the 1945-1964 baby boom generation reaching retirement age and then moving into old age.
• Concerted efforts will be required in Germany in the coming years to address the consequences of an ageing population and to decarbonise the economy.
• A rapidly ageing population in developed countries is likely to require more healthcare services, while a growing young population in developing countries will require more education services.
• Phasing in from 2024 to 2027, Denmark will lift the statutory pension age limit from 65 to 67 and then link it to life expectancy at age 60.
• Based on average annual spending for American seniors and the national average life expectancy at age 65 of 19.4 years, the average American will spend about $987,000 from retirement age on.

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Last updated: 12 August 2020