Population aging - an increase in the proportion of older people in a population.
As one of the most significant social changes of the 21st century, it is predicted to impact all sectors including labor and financial markets, housing, health care and social protection.
By 2050, the global population aged 60 years or over is expected to double reaching 2.1 billion. Increased life expectancy and decreased fertility rates mean that older populations in developing regions are growing at higher rates when compared to those in developed regions. Estimations project that by 2050, 79 percent of the world’s older population will be living in developing regions.
Even though an increase in longevity indicates an increase in the standard of living, population ageing comes with its own pros and cons.
While worldwide estimates of older populations living on their own vary, there has been a significant increase in this percentage, along with a decrease in the percentage of the older generation wanting to co-reside with their children or extended family.
