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Ageing population

 Ageing population

"Every industry is going to be affected (by the aging population). This creates tremendous opportunities and tremendous challenges." -Pat Conroy

"There were 703 million people aged 65 years or over in the world in 2019 and the number of older people is projected to double to 1.5 billion in 2050."

Ageing population refers to the change in the age composition of a population such that there is an increase in the proportion of older people. 

The average or median age or of the citizens of a country increases due to a longer life expectancy of its citizens of a lower birth rate per year.

The provision of healthcare, as well as the improvement in it due to advancements in technology, have lead to a longer life expectancy, leading to a rising ageing population.

The increase in the aged population does provide some economic advantages. 

Due to older people having higher accumulated savings than younger individuals, a large ageing population can result in lower interest rates and a lower rate of inflation. 

Furthermore, due to elderly people having more experience than younger individuals they can aid in upholding the morals, values, culture, and traditions of a country. 

However, one of the major downsides to a large aged population is the financial strain it puts on the public and private sectors. 

Increased pension requirements for the elderly after retirement and healthcare costs result in an increase in government spending which may fall on the taxpayers. 

Due to elderly people being more prone to health issues and ailments they put a strain on health care facilities that may not be able to cope with the demand. 

An ageing population also increased the competitiveness for jobs, which may be due to the rise in the age of retirement age. 

This leads to an increase in the supply of labor and may make it harder for younger, less experienced individuals to find employment opportunities. 

However, if the retirement age is not increased this could cause a decline in the working-age population, which poses its own sets of disadvantages. 

Ageing population has its advantages and disadvantages and will impact the way we live in the 21st century.   

Image:

https://www.raconteur.net/wp-content/uploads/2019/05/FOH_p12_1.jpg -Raconteur

https://res.udl.co.uk/insights/banners/shutterstock_507069214-bi.jpg -Urquhart-Dykes & Lord LLP (Shutter-stock) Source:

https://www.un.org/en/development/desa/population/publications/pdf/ageing/WorldPopulationAgeing2019-Highlights.pdf

https://www.sciencedirect.com/topics/social-sciences/ageing-population

https://jamaica-gleaner.com/article/news/20150624/pros-and-cons-ageing-population

https://courses.lumenlearning.com/boundless-sociology/chapter/the-aging-population/

https://jamaica-gleaner.com/article/news/20150624/pros-and-cons-ageing-population

https://www.investopedia.com/articles/investing/011216/4-global-economic-issues-aging-population.asp Follow Us on different media platforms: https://linktr.ee/_projectpalmtree YOUR DAILY SOURCE OF INFORMATION! -Project Palm Tree

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