Britain, along with other European countries, is on track to become a super-aged society.
According to the Office for Budget Responsibility, the number of over-85s in Britain will almost quadruple in the next 50 years. In the early Fifties, life expectancy was around 66 for men and 70 for women. Today, the figures are closer to 79 and 83 respectively.
Germany and Japan, both with very low birth rates, are already feeling the social and economic consequences that an ageing population brings.
The UK can also expect much the same, even though some of its population growth is due to immigration of younger people.
A report from credit ratings agency Moody’s has warned that global economic growth will be dragged down sharply by ageing populations over the coming decade by as much as 0.9% each year from 2020.
Much of the extra costs revolve around pensions and health care which will have to be funded by the shrinking younger population, at least those in work that is.
Most affected will be countries where those over 65 form more than 20% of the population.
