Wednesday, 16 January 2013

The Implications of an Aging Poplation

Positive :)

-As they are retired they have more time to spend volunteering and doing charitable work
-Spending Power, aka The Grey pound
-In 2005 they spent around £250 billion especially on finances and travel
-Boosts the growing private health sector
-Many 'retired' people still do part-time or full-time work, and are useful as they can work flexible hours and don't carry costs like National Insurance, as well as their expertise and knowledge - 25% of B&Q's workforce is over 65
-Pension funds are often invested by fund managers, providing a valuable source of money to many companies

Negative :(

-Have to train more GPs/they need more appointments
-Increase in expensive medical procedures eg heart bypasses
-Greater numbers of retirement/nursing homes needed
-As they are less mobile there will be an increase in services like Dial-a-ride, increasing costs
-Increases in heart disease, cancers and diabetes
-Many elderly people only have a basic state pension, so it is hard for them to afford the increasing prices of food, fuel etc
-As life expectancy rises more people are claiming pensions for longer
-Dependency ratio increasing - In 2000 there were 3.7 people in work for every retired person. By 2040 this will have fallen to 2.1
-Decreasing tax revenue

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