Our population is ageing and this will have significant implications
The percentage of the global population that is 65 or older will double from 10% to 20% by 2050.
With the vast, modern improvements in healthcare, hygiene, and diet, populations today can expect long, healthy life spans.
But living longer has an impact elsewhere, including on the economy and division of labor and care.
As millennials enter their peak earning years, there will be 1.6 billion elderly people on the planet.
Check out the infographic below from AperionCare to see where older populations are increasing and how they’re affecting the economy.
Here’s what’s going on:
In 2012, the global population reached 7 billion, with 8% of those people aged 65 and over; by 2015, the older population rose by 55 million.
This means that over 8% of the population is considered not part of the workforce, so fewer taxes are collected and there are fewer contributions to the Gross Domestic Product (GDP).
Ageing populations also mean more dependency on basic and social services, such as healthcare, affordable food, and appropriate housing.
With finite resources, many countries are feeling squeezed.
According to the graphic, the older population is projected to double to 1.6 billion globally from 2025 to 2050, however, the total population will grow by just 34% over the same period.
This means that the balance between those who are able to contribute to a country’s economy and be in good enough health to not rely as heavily on social services will not grow at the same rate as the older generations, leaving an imbalance of resources available.
Fortunately Australia’s strong immigration of younger working age people means we’re bucking the global trend, but the facts do show the importance of Australia maintaining our immigration policy – we need to populate or perish as the old saying goes.