Our ageing society offers significant social and economic opportunities but only if policymakers plan better for the long term, according to a recent report by the International Longevity Centre – UK (ILC-UK).
The report argues that our society is not adequately responding to ageing today:
- The social care system is crumbling and health care is failing to incentivise the prevention of ill health.
- The housing and planning system is failing to respond to ageing resulting in people living in housing which does not meet their needs.
- Individuals are currently underestimating their life expectancy and risking running out of money in retirement.
If urgent action is not taken to address the challenges posed by population ageing, ILC-UK presents a future in which health expenditure has increased debt as a proportion of GDP to 180%; more than one million additional care workers are required to meet the demand for social care; and millions have failed to save enough ahead of retirement.
ILC-UK predicts that:
- Without action to better support more disadvantaged social groups and communities, the gap in life expectancy between the wealthy and the poor will continue to increase.
- Without action to address the current funding and workforce shortages in health and social care, the future needs of our ageing population are unlikely to be met.
- Without action to better highlight how long people are likely to live, and the measures that they need to take to ensure financial security later in old age, even wealthier older adults may experience financial difficulties in later life.
- Without action to encourage and facilitate longer working lives we will see a future drop in the UK’s employment rate and reductions in overall productivity.
- Without action to build more houses, and houses which are adapted to the needs of older people, the housing shortage will continue.
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