Consequences of these population changes
While living longer is a cause for celebration, an ageing population may result in fewer people of working age to support those of pension age. In 2016, there were an estimated 308 people of a pensionable age for every 1,000 people of a working age. By 2037, this is projected to increase to 365 people. This increase means that there will be fewer people of working age to support a larger population over State Pension age. While a larger population increases the size and productive capacity of the workforce, it also increases pressure and demand for services such as education, healthcare and housing.
As of 1 January 2016, the UK is estimated to have the third largest population of these 32 countries. The UK’s population has the fourth highest population density with the equivalent of 263 people per square kilometre. Eurostat (the statistical office of the European Union) projects that the UK will have the largest population of these countries by 2050, at 77 million.
A change to current policies is needed!