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] 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.
• In 2083, Bangkok will have the highest proportion of working-age population, while the northern region will have the most elderly population, but the South is expected to see a higher proportion of young population than other regions.
• The elderly dependency ratio (the elderly population as a share of the working-age population), which was 44% in 2015, is projected to spike to 73% by 2050.
• A recent projection predicted that the proportion of elderly people 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 (NSO, 2017), while the median age of Thai population is 38.1 years as of 2018.
• The aging of Ontario's population will accelerate over the next 20 years as baby boomers begin to enter their senior years starting in 2011: By 2031, all baby boomers will be seniors.
• Pew forecasts that US pension fund portfolios will experience a median return of only 6.4% a year for the next decade, taking into consideration GDP growth and interest rates.
• Robots should be used to provide care for America's elderly people since it is estimated that there will be a need for 3.5 million additional healthcare workers by the year 2030.
• Many countries are at an earlier stage of population ageing, due to the 'youth bulge' and earlier trends of high fertility rates, the rate of ageing will be considerable by 2050.
• Elderly goes digital: China's senior population is expected to reach 255 million by next year and the government has introduced programs to get them more in-tune with the digital age.
• For the first time in nearly 40 years, US Social Security will begin drawing down its assets to pay retirees their promised benefits.
• Global trends towards smaller families and ageing populations are evident in Southwest Asia, but a number of countries may still have substantial youth populations by 2050.
• By 2050 the UK's ageing population will exert pressure on public finances with large increases in spending on pensions and healthcare.
• Even basic social protection entitlements such as old age pensions and disability benefits are absent for the majority of the population in many countries, despite the expectation that over 17% of the Asian population will be aged 60 and above by 2030.

See full forecast

Last updated: 27 May 2020