Future of an ageing population
By 2040, nearly one in seven people is projected to be aged over 75. These trends, partially mitigated by migration rates, will have a major effect on the UK. The Office for Budget Responsibility projects total public spending excluding interest payments to increase from 33.6% to 37.8% of GDP between 2019/20 and 2064/65 – equivalent to £79 billion in today’s terms – due mainly to the ageing population.
This demographic change will affect the whole country. To grow old in a society where more people are young is fundamentally different to doing so in a society where more people are in older age groups. It has implications for how each of us approaches and plans for our own old age, and for the old age of our family members.
The Government Office for Science has produced a report, 'Future of an Ageing Population', identifying the main areas which are affected by the coming demographic, including working lives, lifelong learning, housing and neighbourhoods, health and care systems, among others. It sets out future trends and projections with a view to helping government develop the policies needed to adapt.